Sec. 80320.
(1) A party with a secured interest in a watercraft, upon presentation of a properly completed application for certificate of title to the secretary of state, together with the fee prescribed by section 80311, may have a notation of the security interest made on the face of the certificate of title to be issued by the secretary of state. The secretary of state shall enter the notation and the date and shall note the security interest and the date in his or her files.
(2) When the security interest is discharged, the holder shall note the discharge on the certificate of title over his or her signature.
(3) Receipt by the secretary of state of a properly tendered application for a certificate of title on which a security interest in a watercraft is to be indicated is a condition of perfection of a security interest in the watercraft and is equivalent to filing a financing statement under the uniform commercial code, 1962 PA 174, MCL 440.1101 to 440.11102, with respect to the watercraft. When a security interest in a watercraft is perfected, it has priority over the rights of a lien creditor as lien creditor is defined in section 9102 of the uniform commercial code, 1962 PA 174, MCL 440.9102.
History: Add. 1995, Act 58, Imd. Eff. May 24, 1995 ;-- Am. 2005, Act 37, Imd. Eff. June 7, 2005
Popular Name: Act 451
Popular Name: NREPA
Popular Name: Watercraft Title Act
Last modified: October 10, 2016