(1) A secured party indicated in the files of the department as having a security interest in a vessel shall deliver a termination statement to the department and, on the debtor’s request, to the debtor, by the earlier of:

(a) Twenty days after the secured party receives a signed demand from an owner for a termination statement and there is no obligation secured by the vessel subject to the security interest and no commitment to make an advance, incur an obligation, or otherwise give value secured by the vessel; or

Terms Used In Florida Statutes 328.125

  • Certificate of title: means a record, created by the department or by a governmental agency of another jurisdiction under the law of that jurisdiction, that is designated as a certificate of title by the department or agency and is evidence of ownership of a vessel. See Florida Statutes 328.0015
  • Department: means the Department of Highway Safety and Motor Vehicles. See Florida Statutes 328.0015
  • Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Florida Statutes 328.0015
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Owner: means a person who has legal title to a vessel. See Florida Statutes 328.0015
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Florida Statutes 328.0015
  • Security interest: means an interest in a vessel which secures payment or performance of an obligation if the interest is created by contract or arises under…. See Florida Statutes 328.0015
  • Vessel: means a watercraft used or capable of being used as a means of transportation on water, except:
    1. See Florida Statutes 328.0015
(b) If the vessel is consumer goods, 30 days after there is no obligation secured by the vessel and no commitment to make an advance, incur an obligation, or otherwise give value secured by the vessel.
(2) If a written certificate of title has been created and delivered to a secured party and a termination statement is required under subsection (1), the secured party, not later than the date required by subsection (1), shall deliver the certificate to the debtor or to the department with the statement. If the certificate is lost, stolen, mutilated, destroyed, or is otherwise unavailable or illegible, the secured party shall deliver with the statement, not later than the date required by subsection (1), an application for a duplicate certificate meeting the requirements of s. 328.11.
(3) On delivery to the department of a termination statement authorized by the secured party, the security interest to which the statement relates ceases to be perfected. If the security interest to which the statement relates was indicated on the certificate of title, the department shall create a new certificate and deliver the new certificate or a record evidencing an electronic certificate. The department shall maintain in its files the date and time of delivery to the department of the statement.
(4) A secured party that fails to comply with this section is liable for any loss that the secured party had reason to know might result from its failure to comply and which could not reasonably have been prevented and for the cost of an application for a certificate of title under s. 328.01 or s. 328.11.
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