Florida Statutes 328.145 – Rights of secured party
Current as of: 2023 | Check for updates
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(1) Subject to subsection (2), the effect of perfection and nonperfection of a security interest and the priority of a perfected or unperfected security interest with respect to the rights of a purchaser or creditor, including a lien creditor, is governed by the Uniform Commercial Code.
(2) If, while a security interest in a vessel is perfected by any method under this part, the department creates a certificate of title that does not indicate that the vessel is subject to the security interest or contain a statement that it may be subject to security interests not indicated on the certificate:
(a) A buyer of the vessel, other than a person in the business of selling or leasing vessels of that kind, takes free of the security interest if the buyer, acting in good faith and without knowledge of the security interest, gives value and receives possession of the vessel; and
Terms Used In Florida Statutes 328.145
- Buyer: means a person who buys or contracts to buy a vessel. See Florida Statutes 328.0015
- Certificate of title: means a record, created by the department or by a governmental agency of another jurisdiction under the law of that jurisdiction, that is designated as a certificate of title by the department or agency and is evidence of ownership of a vessel. See Florida Statutes 328.0015
- Department: means the Department of Highway Safety and Motor Vehicles. See Florida Statutes 328.0015
- Good faith: means honesty in fact and the observance of reasonable commercial standards of fair dealing. See Florida Statutes 328.0015
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: means an individual, corporation, business trust, estate, trust, statutory trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Florida Statutes 328.0015
- Purchaser: means a person who takes by purchase. See Florida Statutes 328.0015
- Security interest: means an interest in a vessel which secures payment or performance of an obligation if the interest is created by contract or arises under…. See Florida Statutes 328.0015
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
- Vessel: means a watercraft used or capable of being used as a means of transportation on water, except:1. See Florida Statutes 328.0015(b) The security interest is subordinate to a conflicting security interest in the vessel that is perfected under s. 328.12 after creation of the certificate and without the conflicting secured party’s knowledge of the security interest.