Virginia Code 58.1-1407: Retention of documents
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Any person who sells a watercraft in this Commonwealth shall retain a copy of the invoice required by § 58.1-1403 for three years following such sale. Any person taxed as a dealer under § 58.1-1402 shall retain a copy of all invoices for lease, charter or other usage of watercraft for three years following such transaction. Each invoice shall give an accurate description of the watercraft sold, leased or used.
Terms Used In Virginia Code 58.1-1407
- Dealer: means any watercraft dealer as defined in § Virginia Code 58.1-1401
- 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
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
- Sale: means any transfer of ownership or possession of a watercraft by exchange or barter, conditional or otherwise, in any manner. See Virginia Code 58.1-1401
- Watercraft: means any vessel propelled by machinery whether or not the machinery is the principal source of propulsion. See Virginia Code 58.1-1401
Code 1950, § 58-685.48; 1981, c. 405; 1984, c. 675.