California Harbors and Navigation Code 507 – (a) Except as provided in subdivision (b), at the time a …
(a) Except as provided in subdivision (b), at the time a lienholder applies to the department to conduct a sale under Section 504, the lienholder shall submit with the application a declaration by a licensed yacht and ship broker of the fair market value of the described vessel at a specific date within 30 days of that submission. The opinion need not be based upon a marine survey, but shall be based on a physical inspection of the vessel. No cause of action shall lie against the declarant on account of the opinion given.
(b) The declaration specified in subdivision (a) is not required if a public agency removes an abandoned vessel, or arranges, by contract, for the removal of the vessel, from a highway or from public or private property.
Terms Used In California Harbors and Navigation Code 507
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the Department of Motor Vehicles or any successor agency thereto which registers vehicles. See California Harbors and Navigation Code 501
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Lien: A claim against real or personal property in satisfaction of a debt.
- vessel: includes any trailer used in connection with the vessel which is in the possession of the lienholder at the time the lien arises. See California Harbors and Navigation Code 501
(1) For lien sale purposes, the public agency which removed the vessel, or arranged for the removal, shall determine if the estimated value of the vessel that has been ordered removed or stored is one thousand five hundred dollars ($1,500) or less.
(2) If the public agency fails or refuses to determine the estimated value of the vessel within three days after the date of removal of the vessel, the lienholder or the lienholder’s agent shall determine, under penalty of perjury, if the estimated value of the vessel that has been ordered removed or stored is one thousand five hundred dollars ($1,500) or less.
(Amended by Stats. 1986, Ch. 310, Sec. 1.)