Florida Statutes 328.37 – Validity of rights, duties, and interests flowing from law prior to ch. 2019-76
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(1) The rights, duties, and interests flowing from a transaction, certificate of title, or record relating to a vessel which was validly entered into or created before the effective date of this act and would be subject to this act if it had been entered into or created on or after the effective date of this act remain valid on and after the effective date of this act.
(2) This act does not affect an action or proceeding commenced before the effective date of this act.
(3) Except as otherwise provided in subsection (4), a security interest that is enforceable immediately before the effective date of this act and would have priority over the rights of a person who becomes a lien creditor at that time is a perfected security interest under this act.
(4) A security interest perfected immediately before the effective date of this act remains perfected until the earlier of:
(a) The time perfection would have ceased under the law under which the security interest was perfected; or
Terms Used In Florida Statutes 328.37
- 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
- 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
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. 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
- 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) Three years after the effective date of this act.
(5) This act does not affect the priority of a security interest in a vessel if immediately before the effective date of this act the security interest is enforceable and perfected, and that priority is established.