(a) The rights, duties and interests flowing from a transaction, certificate of title or record relating to a vessel that was validly entered into or created before January 1, 2016, and would be subject to sections 15-201 to 15-232, inclusive, if it had been entered into or created on or after January 1, 2016, remain valid on and after January 1, 2016.
(b) Sections 15-201 to 15-232, inclusive, do not affect an action or proceeding commenced before January 1, 2016.
(c) Except as otherwise provided in subsection (d) of this section, a security interest that is enforceable immediately before January 1, 2016, and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under sections 15-201 to 15-232, inclusive.
(d) A security interest in a vessel for which a certificate of title is required under sections 15-201 to 15-232, inclusive, that is perfected immediately before January 1, 2016, remains perfected until the earlier of:
(1) The time perfection would have ceased under the law under which the security interest was perfected; or
(2) January 1, 2019.
(e) Sections 15-201 to 15-232, inclusive, shall not affect the priority of a security interest in a vessel if immediately before January 1, 2016, the security interest is enforceable and perfected, and that priority is established.
(P.A. 14-63, S. 27.)
History: P.A. 14-63 effective January 1, 2016.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.