§ 75A-41. Security interests subsequently created. - North Carolina Statutes

§ 75A‑41.  Securityinterests subsequently created.

Except for security interestsin vessels that are inventory held for sale, security interests created invessels by the voluntary act of the owner after the original issue of title tothe owner must be shown on the certificate of title. In such cases, the ownershall file an application with the Commission on a  form furnished for thatpurpose, setting forth all security interests and other information as theCommission requires. The Commission, if satisfied that it is proper that thesecurity interests be recorded, shall upon surrender of the certificate oftitle covering the vessel, issue a new certificate of title showing anysecurity interests in the order of the priority according to the date of the filingof the application. For the purpose of recording the subsequent securityinterest, the Commission may require any secured party to deliver thecertificate of title to the Commission. The newly issued certificate shall besent or delivered to the secured party of first priority listed on thecertificate of title. (1989, c. 739, s. 1; 2000‑169, s. 38; 2006‑185, s. 2.)