Okay, Leopold, I looked at this code section, too, and believe this may create a problem for you vis-a-vis Expo.
The case of State v. Banks, 215 Ga. App. 828, 452 S.E.2d 533 (1994) has a good discussion of this code section. You can see the case in its entirety at:
The pertinent portion of the case appears in section 1 of the opinion, where the court says:
The fact that it is the substantive law of contract (and not the Motor Vehicle Certificate of Title Act) which creates and defines property interests in motor vehicles is recognized by the express language of OCGA 40-3-32
(d), which provides in pertinent part: "Except as . . . between the parties, a transfer [of an interest in a motor vehicle] by an owner is not effective until this Code section and Code Section 40-3-33
have been complied with; and no purchaser or transferee shall acquire any right, title, or interest in and to a vehicle purchased by him unless and until he shall obtain from the transferor the certificate of title thereto, duly transferred in accordance with this Code section." (Emphasis supplied.) See also OCGA 40-3-32
(b), which imposes upon the transferee the duty to apply for a new title certificate "promptly after delivery to him of the vehicle and certificate of title." The express statutory exception must mean that, as between the parties, a transfer of an interest in a motor vehicle is effective despite the fact that registration requirements have not yet been complied with. Consequently, Jimmy Banks, as a party to the sale in the case sub judice, acquired his property interest by his contract. The remaining language of OCGA 40-3-32
(d), i.e., that a transferee acquires no "right, title, or interest . . ." establishes a priority in favor of lienholders of record as against buyers who fail to obtain the certificate of title, properly transferred of record. It is our view that, the State and the dissent err in confusing the creation and existence of a property interest with the priority of that interest in a contest with recorded security interests or with bona fide purchasers for value who take without notice of that interest.
I interpret this language to mean that as between the buyer and the seller in the State of Georgia, the normal rules regarding transfer of ownership interest in property applies, but that for motor vehicles in Georgia that code section means that if Expo became a lienholder of record by obtaining a certificate of title, their claim will have priority over yours because you did not "obtain the certificate of title, properly transferred of record".
How this would play in Texas is hard to say, though it is possible that the court in Texas would follow the Georgia law in this regard, rather than the Texas law to the contrary.