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§ 8-730. Perfection of security interest; filing fees, endorsement of Department

West's Annotated Code of MarylandNatural Resources

West's Annotated Code of Maryland
Natural Resources
Title 8. Waters (Refs & Annos)
Subtitle 7. State Boat Act (Refs & Annos)
MD Code, Natural Resources, § 8-730
§ 8-730. Perfection of security interest; filing fees, endorsement of Department
Application of section
(a) The provisions of this section apply if an owner creates a security interest in a vessel.
Information required to execute application
(b) The owner immediately shall execute the application in the space provided on the certificate of title or a separate form the Department prescribes, naming the secured party on the certificate of title, showing the name and address of the secured party, the amount of the security interest, and the date of the security agreement, and cause the certificate of title and application to be delivered to the Department.
Filing fee
(c) At the time of delivery of the documents described in subsection (b) of this section to the Department, the secured party shall pay to the Department a filing fee as required for perfection of the security interest under § 8-729(b) of this subtitle. The security interest is perfected at the time of the delivery and payment.
Endorsement, return of certificate by Department
(d) Upon receipt of the certificate of title, application, and the required filing fee, the Department shall endorse on the existing certificate of title or on a new certificate, which the Department then issues, the name and address of all secured parties and mail or deliver the certificate of title to the owner of the vessel.

Credits

Added by Acts 1975, c. 432, § 2. Amended by Acts 1988, c. 741; Acts 1990, c. 6, § 2; Acts 2001, c. 408, § 3, eff. July 1, 2001.
MD Code, Natural Resources, § 8-730, MD NAT RES § 8-730
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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