§ 29.1-729. Release of security interests shown on certificate of title.
An owner, upon securing the release of any security interest upon a watercraft shown upon the certificate of title issued for the watercraft, may exhibit the documents evidencing the release, signed by the person or persons making such release, and the certificate of title to the Department. When it is impossible to secure the release from the secured party, the owner may exhibit to the Department any available evidence showing that the debt secured has been satisfied, together with a statement by the owner under oath that the debt has been paid. When the Department is satisfied as to the genuineness and regularity of the satisfied debt, the Department shall issue to the owner either a new certificate of title in proper form or an endorsement or rider showing the release of the security interest which the Department shall attach to the outstanding certificate of title.