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Arkansas Code Title 27. Transportation § 27-101-1021. Obligations of transferee

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

(a)(1) The transferee of a motorboat shall apply for, or cause to be applied for, a registration with a certificate of number under § 27-101-304 and the issuance of a certificate of title under this subchapter within thirty (30) days after the date of the release of lien by a prior lienholder, as provided in § 27-101-1024, or thirty (30) days after the date of the transfer if no lien exists.

(2) A motorboat shall not be operated upon the waters of this state for more than thirty (30) days after the release of lien by a prior lienholder as provided in § 27-101-1024, or thirty (30) days after the transfer date if no lien exists, unless a valid registration with a certificate of number and certificate of title have been issued under this chapter.

(b) A transferee shall at the same time present the certificate of title, properly endorsed and assigned, to the Office of Motor Vehicle and apply for and obtain a new certificate of title for the motorboat, except as otherwise provided in § 27-101-1022.

(c)(1)(A) It is unlawful for a dealer or other person who sells or finances the purchase of a motorboat subject to registration with a certificate of number in this state to use a title retention note to secure his or her interest in the motorboat.

(B) As used in this section, a “title retention note” means any instrument that grants the purchaser the right to possession and use of the motorboat, but withholds assignment of ownership on the existing certificate of title and its delivery to the purchaser, until full payment has been made by the purchaser, which makes it impossible for the purchaser to comply with subsection (b) of this section.

(2) It shall be a Class C misdemeanor for a motorboat dealer or other seller to fail to comply with this subsection.

(d) This section is not intended to limit the rights of a lienholder to perfect or record his or her security interest in a motorboat as provided under §§ 27-101-1014 and 27-101-1019.

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Cite this article: FindLaw.com - Arkansas Code Title 27. Transportation § 27-101-1021. Obligations of transferee - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-27-transportation/ar-code-sect-27-101-1021/

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