Section 2121. Release of security interest

Upon the satisfaction of a
  security interest in a vehicle the  lienholder  shall  immediately  upon
  clearance  of  payment  execute  a release of his security interest in a
  manner prescribed by the commissioner and mail or deliver the release to
  the owner or any person who delivers to the lienholder an  authorization
  from  the  owner  to  receive  the  certificate.   Payment sufficient to
  satisfy the security interest by an insurer of the owner shall be deemed
  an authorization by the owner for the delivery of  the  release  of  the
  security  interest to the insurer. If the payment in satisfaction of the
  security interest is in cash, certified check,  intra-bank  transfer  of
  funds  or  an  uncertified check or draft issued by an insurance company
  authorized to do business in this state, the payment shall be deemed  to
  be  cleared  immediately  upon  receipt.  The owner, other than a dealer
  holding the vehicle for resale, may cause the certificate and release to
  be mailed or delivered  to  the  commissioner,  who  shall  release  the
  lienholder's rights on the certificate or issue a new certificate.