Iowa Code 462A.84 – Perfection and titles — fee
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1. A security interest created in this state in a vessel required to have a certificate of title is not perfected until the security interest is noted on the certificate of title.
a. To perfect the security interest, an application for security interest must be presented along with the original title. The county recorder shall note the security interest on the face of the title and in the electronic record maintained by the recorder’s office.
b. The application fee for a security interest is five dollars. The fees shall be credited to the county general fund.
Terms Used In Iowa Code 462A.84
- Certificate: means a certificate of title. See Iowa Code 462A.2
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Security interest: means an interest which is reserved or created by an agreement which secures payment or performance of an obligation and is valid against third parties generally. See Iowa Code 462A.2
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- Vessel: means every description of watercraft, other than a seaplane, used or capable of being used as a means of transportation on water or ice. See Iowa Code 462A.2
2. The certificate of title shall be presented to the county recorder when the application for security interest or for assignment of the security interest is presented and a new or endorsed certificate of title shall be issued to the secured party with the name and address of the secured party upon it.
3. When a security interest is discharged, the secured party shall note the cancellation of the security interest on the face of the certificate of title and send the title by first class mail to the office of the county recorder where the title was issued, or the secured party shall send a notarized letter by first class mail to the county recorder where the title was issued notifying the county recorder of the cancellation of the security interest. The county recorder shall note the release of the security interest in the county records as evidence of the release of the security interest.