Nebraska Statutes 37-1292. Salvage certificate of title; terms, defined
For purposes of this section and sections 37-1293 to 37-1298 :
Terms Used In Nebraska Statutes 37-1292
- Cost of repairs: means the estimated or actual retail cost of parts needed to repair a motorboat plus the cost of labor computed by using the hourly labor rate and time allocations for repair that are customary and reasonable. See Nebraska Statutes 37-1292
- 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.
- Late model motorboat: means a motorboat which has (a) a manufacturer's model year designation of, or later than, the year in which the motorboat was wrecked, damaged, or destroyed, or any of the six preceding years, or (b) a retail value of more than ten thousand dollars until January 1, 2006, a retail value of more than ten thousand five hundred dollars until January 1, 2010, and a retail value of more than ten thousand five hundred dollars increased by five hundred dollars every five years thereafter. See Nebraska Statutes 37-1292
- Motorboat: shall mean any watercraft propelled in any respect by machinery, including watercraft temporarily equipped with detachable motors, but shall not include a vessel which has a valid marine document issued by the Bureau of Customs of the United States Government or any federal agency successor thereto. See Nebraska Statutes 37-1204
- Owner: shall mean a person, other than a lienholder, having the property in or title to a motorboat. See Nebraska Statutes 37-1205
- Previously salvaged: means the designation of a rebuilt motorboat which was previously required to be issued a salvage branded certificate of title. See Nebraska Statutes 37-1292
- Retail value: means the actual cash value, fair market value, or retail value of a motorboat as (a) set forth in a current edition of any nationally recognized compilation, including automated databases, of retail values or (b) determined pursuant to a market survey of comparable motorboats with respect to condition and equipment. See Nebraska Statutes 37-1292
- Salvage: means the designation of a motorboat which is:
(a) A late model motorboat which has been wrecked, damaged, or destroyed to the extent that the estimated total cost of repair to rebuild or reconstruct the motorboat to its condition immediately before it was wrecked, damaged, or destroyed and to restore the motorboat to a condition for legal operation, meets or exceeds seventy-five percent of the retail value of the motorboat at the time it was wrecked, damaged, or destroyed. See Nebraska Statutes 37-1292
- Salvage means the designation of a motorboat which: is:
(a) A late model motorboat which has been wrecked, damaged, or destroyed to the extent that the estimated total cost of repair to rebuild or reconstruct the motorboat to its condition immediately before it was wrecked, damaged, or destroyed and to restore the motorboat to a condition for legal operation, meets or exceeds seventy-five percent of the retail value of the motorboat at the time it was wrecked, damaged, or destroyed. See Nebraska Statutes 37-1292
- Year: shall mean calendar year. See Nebraska Statutes 49-801
(1) Cost of repairs means the estimated or actual retail cost of parts needed to repair a motorboat plus the cost of labor computed by using the hourly labor rate and time allocations for repair that are customary and reasonable. Retail cost of parts and labor rates may be based upon collision estimating manuals or electronic computer estimating systems customarily used in the insurance industry;
(2) Late model motorboat means a motorboat which has (a) a manufacturer’s model year designation of, or later than, the year in which the motorboat was wrecked, damaged, or destroyed, or any of the six preceding years, or (b) a retail value of more than ten thousand dollars until January 1, 2006, a retail value of more than ten thousand five hundred dollars until January 1, 2010, and a retail value of more than ten thousand five hundred dollars increased by five hundred dollars every five years thereafter;
(3) Previously salvaged means the designation of a rebuilt motorboat which was previously required to be issued a salvage branded certificate of title;
(4) Retail value means the actual cash value, fair market value, or retail value of a motorboat as (a) set forth in a current edition of any nationally recognized compilation, including automated databases, of retail values or (b) determined pursuant to a market survey of comparable motorboats with respect to condition and equipment; and
(5) Salvage means the designation of a motorboat which is:
(a) A late model motorboat which has been wrecked, damaged, or destroyed to the extent that the estimated total cost of repair to rebuild or reconstruct the motorboat to its condition immediately before it was wrecked, damaged, or destroyed and to restore the motorboat to a condition for legal operation, meets or exceeds seventy-five percent of the retail value of the motorboat at the time it was wrecked, damaged, or destroyed; or
(b) Voluntarily designated by the owner of the motorboat as a salvage motorboat by obtaining a salvage branded certificate of title, without respect to the damage to, age of, or value of the motorboat.