(1)    If a certificate of title is lost, stolen, mutilated or destroyed or becomes illegible, the owner or legal representative of the owner named in the certificate, as shown by the records of the department, shall promptly make application for and may obtain a replacement upon furnishing information satisfactory to the department. The replacement certificate of title shall contain the legend “This is a replacement certificate and may be subject to the rights of a person under the original certificate”.

   (2)   If a person applies for a replacement certificate under sub. (1), conservation wardens or local law enforcement officials, after presenting appropriate credentials to the owner or legal representative of the owner named in the certificate of title, shall inspect the boat’s engine serial number or hull identification number, for purposes of verification or enforcement.

   (3)   The department shall not issue a new certificate of title to a transferee upon application made on a replacement until 15 days after receipt of the application.

   (4)   A person recovering an original certificate of title for which a replacement has been issued shall promptly surrender the original certificate to the department.