462A.82 - TRANSFER OR REPOSSESSION OF VESSEL BY OPERATION OF LAW -- COAST GUARD DOCUMENTATION OF VESSEL.
462A.82 TRANSFER OR REPOSSESSION OF VESSEL BY OPERATION OF LAW -- COAST GUARD DOCUMENTATION OF VESSEL. 1. If ownership of a vessel is transferred by operation of law, such as by inheritance, order in bankruptcy, insolvency, replevin, or execution sale, the transferee, within thirty days after acquiring the right to possession of the vessel by operation of law, shall mail or deliver to the county recorder satisfactory proof of ownership as the county recorder requires, together with an application for a new certificate of title, and the required fee. A title tax is not required on these transactions. 2. If a lienholder repossesses a vessel by operation of law and holds it for resale, the lienholder shall secure a new certificate of title and shall pay the required fee. 3. If a vessel is documented with the United States coast guard, the owner shall mail or deliver to the county recorder proof of the documentation and the owner's certificate of title issued pursuant to this chapter is canceled upon the delivery. A title tax is not required on these transactions.
Section History: Recent Form 87 Acts, ch 134, § 9 CS87, § 106.82 C93, § 462A.82 96 Acts, ch 1020, § 2 Referred to in § 462A.77, 462A.78