Under no circumstances shall any certificate of registration issued under this part be a guaranty as to the validity of the title to the bicycle by the director, nor shall the certificate of registration be used as collateral for a loan or the recordation of liens.
(Sec. 13-31.6, R.O. 1978 (1983 Ed.)) (1990 Code, Ch. 41, Art. 12, § 41-12.6)