Federal Register - September 22, 2021
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Source: Federal Register
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Federal Register / Vol. 86, No. 181 / Wednesday, September 22, 2021 / Proposed Rules
transfer the ownership interest of an owner, and the name of the owner;
4 The name and last known mailing address of the owner of record and the secured party of record;
5 The name of the transferee;
6 Other information required by 33
CFR 187.307b; and 7 One of the following:
i The certificate of title is an electronic certificate;
ii The secured party does not have possession of the written certificate of title created in the name of the owner of record; or iii The secured party is delivering the written certificate of title to the office with the secured partys transfer statement.
b Unless the office rejects a secured partys transfer statement for a reason stated in 33 CFR 187.308c, not later than 20 days after delivery to the office of the statement and payment of fees and taxes payable under State law in connection with the statement or the acquisition or use of the vessel, the office must 1 Accept the statement;
2 Amend the files of the office to reflect the transfer; and 3 If the name of the owner whose ownership interest is being transferred is indicated on the certificate of title i Cancel the certificate even if the certificate has not been delivered to the office;
ii Create a new certificate indicating the transferee as owner; and iii Deliver the new certificate or a record evidencing an electronic certificate.
c An application under paragraph a of this section or the creation of a certificate of title under paragraph b of this section is not by itself a disposition of the vessel and does not by itself relieve the secured party of its duties under State law.
187.320
Transfer by operation of law.
a In this section 1 By operation of law means pursuant to a law or judicial order affecting ownership of a vessel i Because of death, divorce or other family law proceeding, merger, consolidation, dissolution, or bankruptcy;
ii Through the exercise of the rights of a lien creditor or a person having a lien created by statute or rule of law; or iii Through other legal process.
2 Transfer-by-law statement means a record signed by a transferee stating that by operation of law the transferee has acquired or has the right to acquire an ownership interest in a vessel.
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b A transfer-by-law statement must contain 1 The name and last known mailing address of the owner of record and the transferee and the other information required by 33 CFR 187.307b;
2 Documentation sufficient to establish the transferees ownership interest or right to acquire the ownership interest;
3 A statement that i The certificate of title is an electronic certificate of title;
ii The transferee does not have possession of the written certificate of title created in the name of the owner of record; or iii The transferee is delivering the written certificate to the office with the transfer-by-law statement; and 4 Except for a transfer described in paragraph a1i of this section, evidence that notification of the transfer and the intent to file the transfer-by-law statement has been sent to all persons indicated in the files of the office as having an interest, including a security interest, in the vessel.
c Unless the office rejects a transferby-law statement for a reason stated in 33 CFR 187.308c or because the statement does not include documentation satisfactory to the office as to the transferees ownership interest or right to acquire the ownership interest, not later than 20 days after delivery to the office of the statement and payment of fees and taxes payable under State law in connection with the statement or with the acquisition or use of the vessel, the office must 1 Accept the statement;
2 Amend the files of the office to reflect the transfer; and 3 If the name of the owner whose ownership interest is being transferred is indicated on the certificate of title i Cancel the certificate even if the certificate has not been delivered to the office;
ii Create a new certificate indicating the transferee as owner;
iii Indicate on the new certificate any security interest indicated on the canceled certificate, unless a court order provides otherwise; and iv Deliver the new certificate or a record evidencing an electronic certificate.
d This section does not apply to a transfer of an interest in a vessel by a secured party as prescribed by State law related to security interests in goods.
187.321 Application for transfer of ownership or termination of security interest without certificate of title.
a Except as otherwise provided in 33
CFR 187.319 and 187.320, if the office
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receives, unaccompanied by a signed certificate of title, an application for a new certificate that includes an indication of a transfer of ownership or a termination statement, the office may create a new certificate under this section only if 1 All other requirements under 33
CFR 187.307 and 187.308 are met;
2 The applicant provides an affidavit stating facts showing that the applicant is entitled to a transfer of ownership or termination statement;
3 The applicant provides the office with satisfactory evidence that notification of the application has been sent to the owner of record and all persons indicated in the files of the office as having an interest, including a security interest, in the vessel, at least 45 days have passed since the notification was sent, and the office has not received an objection from any of those persons; and 4 The applicant submits any other information required by the office as evidence of the applicants ownership or right to terminate the security interest, and the office has no credible information indicating theft, fraud, or an undisclosed or unsatisfied security interest, lien, or other claim to an interest in the vessel.
b The office may indicate in a certificate of title created under paragraph a of this section that the certificate was created without submission of a signed certificate or termination statement. Unless credible information indicating theft, fraud, or an undisclosed or unsatisfied security interest, lien, or other claim to an interest in the vessel is delivered to the office not later than 1 year after creation of the certificate, on request in a form and manner required by the office, the office must remove the indication from the certificate.
187.322
Replacement certificate of title.
a If a written certificate of title is lost, stolen, mutilated, destroyed, or otherwise becomes unavailable or illegible, the secured party of record or, if no secured party is indicated in the files of the office, the owner of record may apply for and, by furnishing information satisfactory to the office, obtain a replacement certificate in the name of the owner of record.
b An applicant for a replacement certificate of title must sign the application, and, except as otherwise permitted by the office, the application must comply with 33 CFR 187.307. The application must include the existing certificate unless the certificate is lost, stolen, mutilated, destroyed, or otherwise unavailable.
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