58.1-1401 - Definitions. - Virginia Statutes

§ 58.1-1401. Definitions.

As used in this chapter, unless the context clearly shows otherwise, the termor phrase:

"Dealer" means any watercraft dealer as defined in § 29.1-801.

"Gross receipts" means the amount received for the lease, charter, or otheruse of any watercraft. The term shall include hourly rental, maintenance, andall other charges for use of any watercraft and charges for pilots crew, orother services, unless separately stated on the invoice. The term shall alsoinclude the amount by which the price estimated under § 58.1-1403 exceeds thecharge actually made.

"Sale" means any transfer of ownership or possession of a watercraft byexchange or barter, conditional or otherwise, in any manner. The term shallalso include (i) a transaction whereby possession is transferred but title isretained by the seller as security, (ii) any lease or rental for a period oftime substantially equal to the remaining life of the watercraft, and (iii)any lease or rental requiring total payments by the lessee during the leaseor rental period which substantially equals the value of the watercraft. Theterm shall not include a transfer of ownership or possession made to securethe payment of an obligation.

"Sale price" means the total price paid for a watercraft and allattachments thereon and accessories thereto, exclusive of any federalmanufacturer's excise tax, without any allowance or deduction for trade-insor unpaid liens or encumbrances.

"Watercraft" means any vessel propelled by machinery whether or not themachinery is the principal source of propulsion. The term shall also includeany sail-powered vessel which is in excess of eighteen feet in lengthmeasured along the centerline. The term shall not include a seaplane on thewater or a watercraft which has a valid marine titling document issued by theUnited States Coast Guard.

(Code 1950, § 58-685.40; 1981, c. 405; 1984, cc. 418, 675; 1997, c. 877.)