Iowa Code 462A.82 – Transfer or repossession of vessel by operation of law — coast guard documentation of vessel
Current as of: 2024 | Check for updates
|
Other versions
1. If ownership of a vessel is transferred by operation of law, such as by inheritance, order in bankruptcy, insolvency, replevin, execution sale, or in compliance with section 578A.7, the transferee, within thirty days after acquiring the right to possession of the vessel by operation of law, shall mail or deliver to the county recorder satisfactory proof of ownership as the county recorder requires, together with an application for a new certificate of title, and the required fee, plus the writing fee specified in section 462A.53. However, if the transferee is the surviving spouse of the deceased owner, the county recorder shall waive the required fees. A title tax is not required on these transactions.
Terms Used In Iowa Code 462A.82
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Certificate: means a certificate of title. See Iowa Code 462A.2
- Certificate: means a certificate of title. See Iowa Code 462A.2
- Lienholder: means a person holding a security interest. See Iowa Code 462A.2
- Lienholder: means a person holding a security interest. See Iowa Code 462A.2
- Owner: means a person, other than a lienholder, having the property right in or title to a motorboat or vessel. See Iowa Code 462A.2
- Owner: means a person, other than a lienholder, having the property right in or title to a motorboat or vessel. See Iowa Code 462A.2
- United States: includes all the states. See Iowa Code 4.1
- Vessel: means every description of watercraft, other than a seaplane, used or capable of being used as a means of transportation on water or ice. See Iowa Code 462A.2
- Vessel: means every description of watercraft, other than a seaplane, used or capable of being used as a means of transportation on water or ice. See Iowa Code 462A.2
- Writing fee: means the amount paid by the boat owner to the county recorder for handling the transaction. See Iowa Code 462A.2
- Writing fee: means the amount paid by the boat owner to the county recorder for handling the transaction. See Iowa Code 462A.2
2. If a lienholder repossesses a vessel by operation of law and holds it for resale, the lienholder shall secure a new certificate of title and shall pay the required fee, plus the writing fee specified in section 462A.53.
3. If a vessel is documented with the United States coast guard, the owner shall mail or deliver to the county recorder proof of the documentation and the owner’s certificate of title issued pursuant to this chapter is canceled upon the delivery. A title tax is not required on these transactions.