[§200A-17] Transfer of ownership.
293 words·~1 min read·
/hi/200a-17A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
[§200A-17] Transfer of ownership.
(a)On voluntary transfer of an ownership interest in a vessel covered by a certificate of title, the following rules shall apply:
(1)If the certificate is a written certificate of title and the transferor's interest is noted on the certificate, the transferor shall promptly sign the certificate and deliver it to the transferee. If the transferor does not have possession of the certificate, the person in possession of the certificate shall have the duty to facilitate the transferor's compliance with this paragraph. A secured party shall not have a duty to facilitate the transferor's compliance with this paragraph if the proposed transfer is prohibited by the security agreement;
(2)If the certificate of title is an electronic certificate of title, the transferor promptly shall sign and deliver to the transferee a record evidencing the transfer of ownership to the transferee; and
(3)The transferee shall have a right enforceable by specific performance to require the transferor to comply with paragraph
(1)or (2).
(b)The creation of a certificate of title identifying the transferee as owner of record satisfies subsection (a).
(c)A failure to comply with subsection
(a)or to apply for a new certificate of title shall not render a transfer of ownership of a vessel ineffective between the parties. Except as otherwise provided in section 200A-18, 200A-19, 200A-23(a), or 200A-24, a transfer of ownership without compliance with subsection
(a)shall not be effective against another person claiming an interest in the vessel.
(d)A transferor that complies with subsection
(a)shall not be liable as owner of the vessel for an event occurring after the transfer, regardless of whether the transferee applies for a new certificate of title. [L 2018, c 46, pt of §1]