§ 93.115. Satisfaction of security interests.
(a) Unless otherwise agreed by the owner, within 20 days of the satisfaction of a security interest in a boat, the secured party shall mail or deliver the title with the release to the owner and notify the Commission of the release of security interest.
(b) Perfection of a security interest under this subchapter is effective for 10 years, dating from the time of perfection as provided in § 93.113 (relating to creation and perfection of security interests in boats) unless renewed as provided in subsection (c).
(c) The effectiveness of perfection lapses on the expiration of the period specified in subsection (b) unless a renewal form signed by the secured party of record is filed within the 6 months immediately preceding expiration. Upon the timely filing of the renewal form and the tender of the required fee, the effectiveness of perfection continues for 5 years from the date on which perfection would have become ineffective in the absence of renewal. Perfection may be successively renewed.
Authority The provisions of this § 93.115 amended under the Fish and Boat Code, 30 Pa.C.S. § 5325.
Source The provisions of this § 93.115 amended July 19, 2002, effective July 20, 2002, 32 Pa.B. 3488. Immediately preceding text appears at serial page (239854).
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