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Arkansas Code Title 27. Transportation § 27-101-1015. Instruments and jurisdiction

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) There shall be deposited with the Office of Motor Vehicle a copy of the instrument creating and evidencing a lien or encumbrance, which is to be executed in the manner required by the laws of this state and accompanied by the certificate of title last issued for the motorboat.

(b) If a motorboat is subject to a security interest when brought into this state, the validity of the security interest is determined by the law of the jurisdiction where the motorboat was when the security interest attached, subject to the following:

(1) If at the time the security interest attaches the parties understand that the motorboat will be kept in this state and the motorboat is in this state within thirty (30) days after attachment for purposes other than transportation through this state, the validity of the security interest in this state is determined by the law of this state;

(2) If a security interest is perfected under the law of the jurisdiction where the security interest attached, the following rules apply:

(A) If the name of the lienholder is shown on an existing certificate of title issued by that jurisdiction, the lienholder's security interest continues perfected in this state; or

(B)(i) If the name of the lienholder is not shown on an existing certificate of title issued by that jurisdiction, the security interest continues perfected in this state for four (4) months after a first certificate of title of the motorboat is issued in this state and also thereafter if, within the four-month period, it is perfected in this state.

(ii) Perfection dates from the time of perfection in this state if the security interest is perfected in this state after the expiration of the four-month period;

(3) If the security interest is not perfected under the law of the jurisdiction where the security interest attached, the security interest may be perfected in this state, and perfection dates from the time of perfection in this state; or

(4) A security interest may be perfected either under subdivision (b)(2)(B) or subdivision (b)(3) of this section as provided in subsection (a) of this section.

(c) If the motorboat is not registered with a certificate of number and a certificate of title has not been issued for the motorboat, the certified copy of the instrument creating the lien or encumbrance shall be accompanied by an application by the owner in usual form for an original registration and issuance of an original certificate of title and any fees as required under this chapter.

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Cite this article: FindLaw.com - Arkansas Code Title 27. Transportation § 27-101-1015. Instruments and jurisdiction - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-27-transportation/ar-code-sect-27-101-1015/

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