§ 88.02.125. Evidence of ownership by vessel dealers -- Sales of consigned vessels -- Assignment and warranty of certificates of ownership
(1) Vessel dealers shall possess a certificate of ownership, a manufacturer's statement of origin, a carpenter's certificate, or a factory invoice or other evidence of ownership approved by the department for each vessel in the vessel dealer's inventory unless the vessel for sale is consigned or subject to an inventory security agreement. Evidence of ownership shall be either in the name of the dealer or in the name of the dealer's immediate vendor properly assigned.
(2) A vessel dealer may display and sell consigned vessels or vessels subject to an inventory security agreement if there is a written and signed consignment agreement for each vessel or an inventory security agreement covering all inventory vessels. The consignment agreement shall include verification by the vessel dealer that evidence of ownership by the consignor exists and its location, the name and address of the registered owner, and the legal owner, if any. Vessels that are subject to an inventory security interest shall be supported with evidence of ownership that is in the dealer's possession or the possession of the inventory security party. Upon payment of the debt secured for that vessel, the secured party shall deliver the ownership document, appropriately released, to the dealer. It is the vessel dealer's responsibility to ensure that ownership documents are available for ownership transfer upon the sale of the vessel.
(3) Following the retail sale of any vessel, the dealer shall promptly make application and execute the assignment and warranty of the certificate of ownership. Such assignment shall show any secured party holding a security interest created at the time of sale. The dealer shall deliver the certificate of ownership and application for registration to the department.
[1994 c 262 § 27; 1987 c 149 § 8.]
Notes:
Effective date -- 1987 c 149: See note following RCW 88.02.060.
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Last modified: April 7, 2009