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District of Columbia Code Division VIII. General Laws. § 50-1541.16. Transfer of ownership.

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) On voluntary transfer of an ownership interest in a vessel covered by a certificate of title, the following shall 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 promptly 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 paragraph. A secured party shall not have a duty to facilitate the transferor's compliance with this paragraph if the proposed transfer is prohibited by the security agreement.

(2) If the certificate of title is an electronic certificate of title, the transferor promptly shall sign and deliver to the transferee a record evidencing the transfer of ownership to the transferee.

(3) The transferee has a right enforceable by specific performance to require the transferor comply with paragraph (1) or (2) of this subsection.

(b) The creation of a certificate of title identifying the transferee as owner of record satisfies the requirements of subsection (a) of this section.

(c) A 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 between the parties. Except as otherwise provided in §§ 50-1541.17, § 50-1541.18, § 50-1541.22(a), or § 50-1541.23, a transfer of ownership without compliance with subsection (a) of this section is not effective against another person claiming an interest in the vessel.

(d) A transferor that complies with subsection (a) of this section is not 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.

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Cite this article: FindLaw.com - District of Columbia Code Division VIII. General Laws. § 50-1541.16. Transfer of ownership. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-viii-general-laws/dc-code-sect-50-1541-16/

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