58 Pa. Code § 93.113. Creation and perfection of security interests in boats.

§ 93.113. Creation and perfection of security interests in boats.

(a)  When an owner creates a security interest in a boat:
   (1)  The owner shall, at the request of the secured party, immediately execute an application on a form prescribed by the Commission including the name and address of the secured party. The owner shall tender the existing certificate of title, if any, the application and the required fee to the Commission.
   (2)  The security interest is perfected at the time that the application, existing certificate of title and an amount equal to or greater than the required fee are received by the Commission.
   (3)  Upon receipt of the title, application and the required filing fee, the Commission will endorse on the existing title or on a new title that it then issues, the name and address of all secured parties, and mail or deliver the title to the first secured party named on the certificate of title.
(b)  Except as provided in 13 Pa.C.S. § §  9311(d), 9315(c) and (d) and 9316(d) and (e) (relating to perfection of security interests in property subject to certain statutes, regulations and treaties; secured party’s rights on disposition of collateral and in proceeds; and continued perfection of security interest following change in governing law), a security interest in a boat is not valid against creditors of the owner or subsequent transferees or secured parties of the boat until perfected as provided by this subchapter.

Authority

   The provisions of this §  93.113 amended under the Fish and Boat Code, 30 Pa.C.S. §  5325.

Source

   The provisions of this §  93.113 amended July 19, 2002, effective July 20, 2002, 32 Pa.B. 3488. Immediately preceding text appears at serial page (239853).

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