I believe it has to go the latter route.
I seem to recall a similar discussion in NFA dealer channels some time ago that effectively raised the point that this is the only way that NFA Branch has to insure that the initial transfer is made into a state or jurisdiction that permits it. If there were no such restrictions, an out-of-state NFA dealer could transfer the weapon and just tell you to fill out the 5320.20 before you leave his state; trouble is, that wouldn't meet the ATF's burden of making sure that the initial transfer was itself lawful.
AC
Stand your ground; don't fire unless fired upon, but if they mean to have a war, let it begin here. -- Captain John Parker, Lexington, 1775.
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