29.1-724 - Security interests subsequently created. - Virginia Statutes

§ 29.1-724. Security interests subsequently created.

Security interests, other than a security interest in inventory held for saleto be perfected only as provided in §§ 8.9A-309 to 8.9A-505, created inwatercraft by the voluntary act of the owner after the original issue oftitle to the owner must be shown on the certificate of title. In such cases,the owner shall file an application with the Department on a blank furnishedfor that purpose, setting forth the security interests and such otherinformation as the Department requires. The Department, if satisfied that theinformation should be recorded and upon surrender of the certificate of titlecovering the watercraft, shall then issue a new certificate of title showingthe security interests in the order of their priority according to the dateof the filing of the application. For the purpose of recording the subsequentsecurity interest, the Department may require any secured party to deliverthe certificate of title to the Department. The newly issued certificateshall be sent or delivered to the secured party from whom the priorcertificate was obtained.

(1981, c. 405, § 62.1-186.13; 1987, c. 488.)