Louisiana Revised Statutes 34:852.2 – Definitions
Terms Used In Louisiana Revised Statutes 34:852.2
- Certificate of documentation: means a certificate issued by the United States Coast Guard for a vessel documented under 46 U. See Louisiana Revised Statutes 34:852.2
- Certificate of origin: means a document establishing the initial chain of ownership, such as a manufacturer's certificate of origin (MCO) or statement of origin (MSO), or an importer's certificate of origin (ICO) or statement of origin (ISO), or a builder's certification (Form CG-1261, under Louisiana Revised Statutes 34:852.2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Dealer: means any person who engages wholly or in part in the business of buying, selling, or exchanging for value new or used vessels or outboard motors, or both, either outright or on conditional sale, bailment, lease, chattel mortgage, or otherwise. See Louisiana Revised Statutes 34:852.2
- Department: means the Department of Wildlife and Fisheries and its duly authorized representatives. See Louisiana Revised Statutes 34:852.2
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Manufacturer: means any person engaged in the business of manufacturing or importing new vessels or outboard motors for the purpose of sale or trade. See Louisiana Revised Statutes 34:852.2
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- operation: means all operations of a vessel or outboard motor when it is at the pier, idle in the water, at anchor, or being propelled through the water. See Louisiana Revised Statutes 34:852.2
- Outboard motor: means a mechanical combustion engine manufactured to produce a twenty-five or more horsepower engine and designed to attach outboard of the transom of a vessel. See Louisiana Revised Statutes 34:852.2
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means any natural person or individual, firm, partnership, corporation, association, limited liability company, or other entity. See Louisiana Revised Statutes 34:852.2
- Security interest: means an interest that is reserved or created by an agreement that secures payment or performance of an obligation. See Louisiana Revised Statutes 34:852.2
- Vessel: means every description of watercraft and air boats, including homemade boats, other than a seaplane on the water, used or capable of being used as a means of transportation on water, valued in excess of two thousand five hundred dollars, to be principally operated on the waters of this state, required to be numbered, not held as inventory for sale or lease, and transferred for the first time on or after July 1, 2008. See Louisiana Revised Statutes 34:852.2
As used in this Part:
(1) “Certificate of documentation” means a certificate issued by the United States Coast Guard for a vessel documented under 46 U.S.C., Chapter 121 (Form CG-1270).
(2) “Certificate of origin” means a document establishing the initial chain of ownership, such as a manufacturer‘s certificate of origin (MCO) or statement of origin (MSO), or an importer’s certificate of origin (ICO) or statement of origin (ISO), or a builder’s certification (Form CG-1261, under 46 C.F.R. part 67) provided by the manufacturer of a new vessel or outboard motor or its distributor, that is the only valid indication of ownership between the manufacturer, its distributor, its franchised new vessel or outboard motor dealers, and the original purchaser.
(3) “Dealer” means any person who engages wholly or in part in the business of buying, selling, or exchanging for value new or used vessels or outboard motors, or both, either outright or on conditional sale, bailment, lease, chattel mortgage, or otherwise. A dealer must have an established place of business for the sale, trade, and display of such vessels or motors, selling two or more within any twelve consecutive months.
(4) “Department” means the Department of Wildlife and Fisheries and its duly authorized representatives.
(5) “Hull identification number” means the number assigned to a vessel under Subpart C of 33 C.F.R. part 181 or La. Rev. Stat. 34:852.13.
(6) “Lienholder” means a person holding a security interest.
(7) “Manufacturer” means any person engaged in the business of manufacturing or importing new vessels or outboard motors for the purpose of sale or trade.
(8) “Operate”, “operated”, or “operation” means all operations of a vessel or outboard motor when it is at the pier, idle in the water, at anchor, or being propelled through the water.
(9) “Outboard motor” means a mechanical combustion engine manufactured to produce a twenty-five or more horsepower engine and designed to attach outboard of the transom of a vessel.
(10) “Owner” means a person, other than a secured party, having property rights in, or title to, a vessel or outboard motor. The term includes a person entitled to use or possess a vessel or outboard motor subject to a security interest in another person, but does not include a lessee under a lease not intended as security.
(11) “Person” means any natural person or individual, firm, partnership, corporation, association, limited liability company, or other entity.
(12) “Possesses” means the person has acquired rights in or title to a vessel or outboard motor by virtue of a gift, donation, raffle, or exchange or the person built the vessel or outboard motor themselves.
(13) “Security interest” means an interest that is reserved or created by an agreement that secures payment or performance of an obligation. A lien or privilege created by operation of law is not a “security interest”.
(14) “State of principal operation” means the state on whose waters a vessel or outboard motor is operated or to be operated most during a calendar year.
(15) “Title-holding state” means a state whose department is required by law to send the certificate of title to the first secured party.
(16) “Undocumented vessel” means a vessel for which a certificate of documentation has not been issued by the United States Coast Guard under 46 U.S.C., Chapter 121.
(17) “Vessel” means every description of watercraft and air boats, including homemade boats, other than a seaplane on the water, used or capable of being used as a means of transportation on water, valued in excess of two thousand five hundred dollars, to be principally operated on the waters of this state, required to be numbered, not held as inventory for sale or lease, and transferred for the first time on or after July 1, 2008.
(18) “Waters of the state” means any waters within the jurisdiction of the state.
Acts 2007, No. 319, §2, eff. July 1, 2008; H.C.R. No. 25, 2008 R.S., eff. May 28, 2008; Acts 2009, No. 508, §2, eff. Jan. 1, 2011; Acts 2010, No. 628, §1.