306.415. Assignment of lien or encumbrance by lienholder, rights and obligations--perfection by assignee, how.
Assignment of lien or encumbrance by lienholder, rights andobligations--perfection by assignee, how.
306.415. 1. A lienholder may assign, absolutely or otherwise, his orher lien or encumbrance on the outboard motor, motorboat, vessel, orwatercraft to a person other than the owner without affecting the interestof the owner or the validity or effect of the lien or encumbrance, but anyperson without notice of the assignment is protected in dealing with thelienholder as the holder of the lien or encumbrance and the lienholdershall remain liable for any obligations as lienholder until the assignee isnamed as lienholder on the certificate of title.
2. An assignee pursuant to subsection 1 of this section may, but neednot to perfect the assignment, have the certificate of title issued withthe assignee named as lienholder, upon delivering to the director ofrevenue the certificate of title, an assignment by the lienholder named inthe certificate of title, and the required fee in the form the director ofrevenue prescribes.
3. If the certificate of title is being electronically retained bythe director of revenue, the original lienholder may mail or deliver anotice of assignment of lien to the director in a form prescribed by thedirector. Upon receipt of notice of assignment, the director shall updatethe electronic certificate of title to reflect the assignment of lien andlienholder.
(L. 1985 H.B. 280, et al. § 301.715, A.L. 1999 S.B. 19)