North Carolina General Statutes 75A-45. Legal holder of certificate of title subject to security interest
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Terms Used In North Carolina General Statutes 75A-45
- Owner: means a person, other than a lienholder, having the property in or title to a vessel. See North Carolina General Statutes 75A-2
- Person: means an individual, partnership, firm, corporation, association, or other entity. See North Carolina General Statutes 75A-2
- Vessel: means every description of watercraft or structure, other than a seaplane on the water, used or capable of being used as a means of transportation or habitation on the water. See North Carolina General Statutes 75A-2
The certificate of title of a vessel shall be delivered to the person holding the security interest having first priority upon the vessel and retained by that person until the entire amount of the security interest is fully paid by the owner of the vessel. The certificate of title shall then be delivered to the secured party next in order of priority and so on, or, if none, then to the owner of the vessel. (1989, c. 739, s. 1; 2006-185, s. 2.)