Recordation of ownership of and liens on motor vehicles is a fairly straightforward affair. Each of the 50 states has a certificate of title statute and these vary only nominally from state to state.
By contrast, the situation is entirely different when it comes to boats and other vessels. Only 33 states currently have certificate of title laws for vessels, and there is significant variation among those title statutes, including as to items such as size and types of vessels covered and basis for registration. In addition, existing title laws pre-date revised Article 9 of the Uniform Commercial Code (UCC), and the lack of harmonization between the current provisions of the UCC and these title statutes hampers vessel financings. Finally, federal regulations overlay vessel ownership, operation and financing, and do so without effective coordination with state statutes. For example, federal law accords preferred ship mortgage status (see below) to security interests perfected under state title statutes approved by the Coast Guard.1 However, none of the existing title statutes has been approved.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
