Section 2120. Assignment by lienholder

(a)  A  lienholder  may  assign,
  absolutely or otherwise, his security  interest  in  the  vehicle  to  a
  person  other than the owner without affecting the interest of the owner
  or the validity of the security interest, but any person without  notice
  of  the  assignment  is  protected in dealing with the lienholder as the
  holder of the security interest and the lienholder  remains  liable  for
  any  obligations as lienholder until the assignee is named as lienholder
  on the certificate.
    (b) The assignee may, but need not to perfect the assignment, have the
  certificate of title endorsed or  issued  with  the  assignee  named  as
  lienholder,  upon  delivering  to  the commissioner an assignment by the
  lienholder named  in  the  certificate  in  the  form  the  commissioner
  prescribes.  Upon  the  request  of  the assignee the commissioner shall
  request the owner to deliver to  the  commissioner  the  certificate  of
  title.