§ 29.1-724. Security interests subsequently created
Security interests, other than a security interest in inventory held for sale to be perfected only as provided in §§ 8.9A-309 to 8.9A-505, created in watercraft by the voluntary act of the owner after the original issue of title to the owner must be shown on the certificate of title. In such cases, the owner shall file an application with the Department on a blank furnished for that purpose, setting forth the security interests and such other information as the Department requires. The Department, if satisfied that the information should be recorded and upon surrender of the certificate of title covering the watercraft, shall then issue a new certificate of title showing the security interests in the order of their priority according to the date of the filing of the application. For the purpose of recording the subsequent security interest, the Department may require any secured party to deliver the certificate of title to the Department. The newly issued certificate shall be sent or delivered to the secured party from whom the prior certificate was obtained.
(1981, c. 405, § 62.1-186.13; 1987, c. 488.)Sections: Previous 29.1-717.3 29.1-718 29.1-719 29.1-720 29.1-721 29.1-722 29.1-723 29.1-724 29.1-725 29.1-726 29.1-727 29.1-728 29.1-729 29.1-730 29.1-731 Next
Last modified: April 3, 2009