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Federal Register / Vol. 86, No. 181 / Wednesday, September 22, 2021 / Proposed Rules 187.308 and deliver the new certificate or a record evidencing an electronic certificate pursuant to 33 CFR
187.312a. The office must maintain in the files of the office the date and time of delivery of the application to the office.
f If a secured party assigns a perfected security interest in a vessel, the receipt by the office of a statement providing the name of the assignee as secured party is not required to continue the perfected status of the security interest against creditors of and transferees from the original debtor.
Upon obtaining a release from the secured party indicated in the files of the office or on the certificate, a purchaser of a vessel subject to a security interest takes free of the security interest and of the rights of a transferee unless the transfer is indicated in the files of the office or on the certificate.
g This section does not apply to a security interest 1 Created in a vessel by a person during any period in which the vessel is inventory held for sale or lease by the person or is leased by the person as lessor if the person is in the business of selling vessels;
2 In a barge for which no application for a certificate of title has been delivered to the office; or 3 In a vessel before delivery if the vessel is under construction, or completed, pursuant to contract and for which no application for a certificate has been delivered to the office.
h This paragraph applies if a certificate of documentation for a documented vessel is deleted or canceled. If a security interest in the vessel was valid immediately before deletion or cancellation against a third party as a result of compliance with 42
U.S.C. 31321, the security interest is and remains perfected until the earlier of 4
months after cancellation of the certificate or the time the security interest becomes perfected under this subpart.
i A security interest in a vessel arising under State law related to security interests in goods is perfected when it attaches but becomes unperfected when the debtor obtains possession of the vessel, unless before the debtor obtains possession the security interest is perfected pursuant to paragraph a or c of this section.
j A security interest in a vessel as proceeds of other collateral is perfected to the extent provided in State law.
k A security interest in a vessel perfected under the law of another jurisdiction is perfected to the extent provided in State law.

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187.316

Termination statement.

a A secured party indicated in the files of the office as having a security interest in a vessel must deliver a termination statement to the office and, on the debtors request, to the debtor, by the earlier of 1 Twenty days after the secured party receives a signed demand from an owner for a termination statement and there is no obligation secured by the vessel subject to the security interest and no commitment to make an advance, incur an obligation, or otherwise give value secured by the vessel; or 2 If the vessel is consumer goods, 30
days after there is no obligation secured by the vessel and no commitment to make an advance, incur an obligation, or otherwise give value secured by the vessel.
b If a written certificate of title has been created and delivered to a secured party and a termination statement is required under paragraph a of this section, the secured party, not later than the date required by paragraph a, must deliver the certificate to the debtor or to the office with the statement. If the certificate is lost, stolen, mutilated, destroyed, or is otherwise unavailable or illegible, the secured party must deliver with the statement, not later than the date required by paragraph a, an application for a replacement certificate meeting the requirements of 33 CFR
187.322.
c On delivery to the office of a termination statement authorized by the secured party, the security interest to which the statement relates ceases to be perfected. If the security interest to which the statement relates was indicated on the certificate of title, the office must create a new certificate and deliver the new certificate or a record evidencing an electronic certificate. The office must maintain in its files the date and time of delivery to the office of the statement.
d A secured party that fails to comply with this section is liable for any loss that the secured party had reason to know might result from its failure to comply and which could not reasonably have been prevented and for the cost of an application for a certificate of title under 33 CFR 187.307
or 187.322.
187.317

Transfer of ownership.

a On voluntary transfer of an ownership interest in a vessel covered by a certificate of title, the following rules apply:
1 If the certificate is a written certificate of title and the transferors interest is noted on the certificate, the
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transferor must promptly sign the certificate and deliver it to the transferee. If the transferor does not have possession of the certificate, the person in possession of the certificate has a duty to facilitate the transferors compliance with this paragraph. A
secured party does not have a duty to facilitate the transferors compliance with this paragraph if the proposed transfer is prohibited by the security agreement.
2 If the certificate of title is an electronic certificate of title, the transferor must promptly sign and deliver to the transferee a record evidencing the transfer of ownership to the transferee.
3 The transferee has a right enforceable by specific performance to require the transferor comply with paragraph a1 or 2 of this section.
b The creation of a certificate of title identifying the transferee as owner of record satisfies paragraph a of this section.
c A failure to comply with paragraph a of this section or to apply for a new certificate of title does not render a transfer of ownership of a vessel ineffective between the parties. Except as otherwise provided in 33 CFR
187.318, 187.319, 187.323a, or 187.324, a transfer of ownership without compliance with paragraph a of this section is not effective against another person claiming an interest in the vessel.
d A transferor that complies with paragraph a of this section is not liable as owner of the vessel for an event occurring after the transfer, regardless of whether the transferee applies for a new certificate of title.
187.318 Effect of missing or incorrect information.

Except as otherwise provided as prescribed by State law related to security interests in goods, a certificate of title or other record required or authorized by this subpart is effective even if it contains incorrect information or does not contain required information.
187.319 Transfer of ownership by secured partys transfer statement.

a In this section, secured partys transfer statement means a record signed by the secured party of record stating 1 That there has been a default on an obligation secured by the vessel;
2 The secured party of record is exercising or has exercised post-default remedies with respect to the vessel;
3 By reason of the exercise, the secured party of record has the right to
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