§ 46-22.1-13 - Relief upon satisfaction.
SECTION 46-22.1-13
§ 46-22.1-13 Relief upon satisfaction.– (a) Upon the satisfaction of a security interest in a vessel, the secured partyshall securely attach to the certificate of title a release of securityinterest, in whatever form as may be prescribed by or acceptable to thedepartment and shall within fifteen (15) days mail or deliver the certificateof title with attached release to the owner and a copy of the release to thedepartment. Upon receipt, the department shall update its records to reflectthe release. Upon request of the owner and the receipt by the department of thecertificate of title with attached release, the department may issue a newcertificate of title to the owner upon receipt of a fee of five dollars ($5.00).
(b) If the department determines, after a hearing andfollowing due notice to all interested parties, that an indebtedness does notconstitute a security interest, it shall release the indebtedness upon thecertificate of title or issue a new certificate of title, and mail or deliverthe certificate of title to the owner. Any person aggrieved by the decision ofthe department may file an appeal in accordance with the provisions of theAdministrative Procedure Act, chapter 35 of title 42.