32-3-11. Certificate as evidence of ownership--Possession before delivery of certificate--Risk of loss--Insurable interest.

A certificate of title issued under this chapter shall be evidence or indicia of ownership of the motor vehicle, trailer, or semitrailer described on the title. From the time of delivery of possession of a motor vehicle, trailer, or semitrailer to a person acquiring the vehicle or any right of interest therein, the vehicle shall be at the risk of the person acquiring the vehicle. Such person together with any other person holding any lien or interest therein, shall have insurable interest in the motor vehicle, trailer, or semitrailer and may enforce lawful contracts of insurance upon or affecting the motor vehicle, trailer, or semitrailer or its maintenance, operation, or use.

Source: SDC 1939, § 44.0202 (4) as added by SL 1951, ch 229, § 2; SL 1965, ch 186, § 2; SL 1989, ch 257, § 13.