32-3A-30. Security interest in large boat--Perfecting interest--Fee.
261 words·~1 min read·
/sd/title-32/chapter-32-3/32-3a-30A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A security interest created in this state on a large boat is not perfected until the security interest is noted on the manufacturer's statement of origin, on the manufacturer's certificate of origin, on the original certificate of title, or when a person applies for a duplicate certificate of title pursuant to § 32-3A-25 . To perfect the security interest, a copy of the security agreement shall be presented along with the manufacturer's statement of origin, the manufacturer's certificate of origin, the original title, or as otherwise provided in § 32-3A-25 .
The secretary of revenue, the county treasurer, or the seller, buyer, owner, or holder of the manufacturer's statement of origin, the manufacturer's certificate of origin, or the certificate of title shall note the security interest at any place on the manufacturer's statement of origin, the manufacturer's certificate of origin, or the certificate of title. Pursuant to the provisions of this section, the lien is perfected against the creditors of the debtor, is valid against the creditors of the debtor, whether armed with process or not, and subsequent purchasers and other lien holders or claimants, but otherwise is not valid against them.
The fee for noting the lien is ten dollars. The fees shall be deposited in the county general fund. Except as otherwise provided in § 32-3A-25 , the certificate of title shall be presented to the county treasurer if a lien is to be noted on an existing certificate of title.
The owner shall present the certificate of title to the county treasurer when a release statement is filed.