§ 46-22.1-11 - Execution of application – Time when perfected – Endorsement of certificate. - Rhode Island Statutes

SECTION 46-22.1-11

   § 46-22.1-11  Execution of application– Time when perfected – Endorsement of certificate. – If an owner creates a security interest in a vessel:

   (1) The owner immediately shall:

   (i) Execute the space provided on the certificate of title ora separate form the department prescribes, naming the secured party on thecertificate of title showing the name and address of the secured party, theamount of the security interest, and the date of the security agreement, and

   (ii) Cause the certificate of title and application to bedelivered to the department.

   (2) At the time of delivery of the documents described insubdivision (1) of this section to the department, the secured party shall payto the department a filing fee as required for perfection of the securityinterest under § 46-22.1-10(b).

   (3) Upon receipt of the certificate of title, application,and the required filing fee, the department shall endorse on the existingcertificate of title or on a new certificate which it then issues, the name andaddress of all secured parties, and mail or deliver the certificate of title tothe secured party.