Security agreements; perfection; record entry; discharge of lien
Sec. 24. (a) A security agreement covering a security interest in
a watercraft that is not inventory held for sale can be perfected only
if the bureau indicates the security interest on the certificate of title
or duplicate. Except as otherwise provided in this section,
IC 26-1-9.1 applies to security interests in watercraft.
(b) The secured party, upon presentation of a properly completed
application for certificate of title to the bureau together with the fee
prescribed by IC 9-29-15-1, may have a notation of the lien made on
the face of the certificate of title to be issued by the bureau. The
bureau shall enter the notation and the date of the notation and shall
note the lien and the date of the lien in the bureau's files.
(c) Whenever a lien is discharged, the holder shall note the
discharge on the certificate of title over the holder's signature.
As added by P.L.71-1991, SEC.11. Amended by P.L.57-2000, SEC.5.
Last modified: May 27, 2006