(a) Upon voluntary transfer of an ownership interest in a vessel covered by a certificate of title, the following rules apply:
(1) If the certificate of title is a written certificate of title and the transferor's interest is noted on the certificate of title, the transferor shall sign the certificate of title and deliver it to the transferee. If the transferor does not have possession of the certificate of title, the person in possession of the certificate of title shall have a duty to facilitate the transferor's compliance with this subdivision. A secured party shall not have a duty to facilitate the transferor's compliance with this subdivision if the proposed transfer is prohibited by the security agreement.
(2) If the certificate of title is an electronic certificate of title, the transferor shall sign and deliver to the transferee a record evidencing the transfer of ownership to the transferee.
(3) The transferee shall have a right enforceable by specific performance to require the transferor to comply with the provisions of subdivision (1) or (2) of this subsection.
(b) The creation of a certificate of title identifying the transferee as owner of record shall satisfy subsection (a) of this section.
(c) Failure to comply with subsection (a) of this section or to apply for a new certificate of title shall not render a transfer of ownership of a vessel ineffective. Except as otherwise provided in section 15-217, section 15-218, subsection (a) of section 15-222 or section 15-223, a transfer of ownership without compliance with subsection (a) of this section shall not be effective against another person claiming an interest in the vessel.
(d) A transferor that complies with subsection (a) of this section shall not be liable as owner of the vessel for an event occurring after the transfer, regardless of whether the transferee applies for a new certificate of title.
(P.A. 14-63, S. 16.)
History: P.A. 14-63 effective January 1, 2016.
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