29.1-729 - Release of security interests shown on certificate of title. - Virginia Statutes

§ 29.1-729. Release of security interests shown on certificate of title.

An owner, upon securing the release of any security interest upon awatercraft shown upon the certificate of title issued for the watercraft, mayexhibit the documents evidencing the release, signed by the person or personsmaking such release, and the certificate of title to the Department. When itis impossible to secure the release from the secured party, the owner mayexhibit to the Department any available evidence showing that the debtsecured has been satisfied, together with a statement by the owner under oaththat the debt has been paid. When the Department is satisfied as to thegenuineness and regularity of the satisfied debt, the Department shall issueto the owner either a new certificate of title in proper form or anendorsement or rider showing the release of the security interest which theDepartment shall attach to the outstanding certificate of title.

(1981, c. 405, § 62.1-186.18; 1987, c. 488.)