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District of Columbia Code Division VIII. General Laws. § 50-1541.18. Transfer of ownership by secured party's transfer statement.

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

(a) In For the purposes of this section, “secured party's transfer statement” means a record signed by the secured party of record stating:

(1) That there has been a default on an obligation secured by the vessel;

(2) The secured party of record is exercising or has exercised post-default remedies with respect to the vessel;

(3) By reason of the exercise, the secured party of record has the right to transfer the ownership interest of an owner, and the name of the owner;

(4) The name and last-known mailing address of the owner of record and the secured party of record;

(5) The name of the transferee;

(6) Other information required by § 50-1541.06(b); and

(7) One of the following:

(A) The certificate of title is an electronic certificate of title;

(B) The secured party does not have possession of the written certificate of title created in the name of the owner of record; or

(C) The secured party is delivering the written certificate of title to the Harbor Master with the secured party's transfer statement.

(b) Unless the Harbor Master rejects a secured party's transfer statement for a reason stated in § 50-1541.07(c), not later than 20 days after delivery to the Harbor Master of the statement and payment of fees and taxes payable under the law of the District other than this chapter in connection with the statement or the acquisition or use of the vessel, the Harbor Master shall:

(1) Accept the statement;

(2) Amend the files of the Harbor Master to reflect the transfer; and

(3) If the name of the owner whose ownership interest is being transferred is indicated on the certificate of title:

(A) Cancel the certificate of title even if the certificate of title has not been delivered to the Harbor Master;

(B) Create a new certificate of title indicating the transferee as owner; and

(C) Deliver the new certificate of title or a record evidencing an electronic certificate of title.

(c) An application under subsection (a) of this section or the creation of a certificate of title under subsection (b) of this section is not by itself a disposition of the vessel and does not by itself relieve the secured party of its duties under Article 9 of Subtitle I of Title 28.

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Cite this article: FindLaw.com - District of Columbia Code Division VIII. General Laws. § 50-1541.18. Transfer of ownership by secured party's transfer statement. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-viii-general-laws/dc-code-sect-50-1541-18/

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