§ 46-22.1-12 - Assignability.
SECTION 46-22.1-12
§ 46-22.1-12 Assignability. – (a) A secured party may assign, absolutely or otherwise, all or part of asecurity interest in the vessel to a person other than the owner withoutaffecting the interest of the owner or the validity of the security interest,but any person without notice of the assignment is protected in dealing withthe secured party as the holder of the security interest, and the secured partyremains liable for any obligations as secured party until the assignee is namedas secured party on the certificate of title.
(b) The assignee shall deliver to the department thecertificate of title if available and an assignment by the secured party namedin the certificate of title in the form the department may prescribe,accompanied by a filing fee as required for perfection of the security interestunder § 46-22.1-10(b). The assignee's security interest is perfected as ofthe time of its creation if delivery and payment to the department arecompleted within ten (10) days of the date of its creation, otherwiseperfection is as of the time of its delivery and payment.