Nevada Revised Statutes 488.1817 – New certificate not required on substitution of security interest between same parties; time limit
If a security interest in any power-driven vessel numbered under this chapter is satisfied, cancelled or released by the registered owner and legal owner of such power-driven vessel, and within a period of 10 days a new security interest covering the power-driven vessel is executed between the same parties, no application for transfer of ownership shall be made, no new certificate of ownership or certificate of number shall be issued, and all provisions of this chapter relating to transfers of any title or interest in a power-driven vessel shall be deemed to have been fully complied with.
Terms Used In Nevada Revised Statutes 488.1817
- Legal owner: means a secured party under a security agreement relating to a vessel or a renter or lessor of a vessel to the State or any political subdivision of the State under a lease or an agreement to lease and sell or to rent and purchase which grants possession of the vessel to the lessee for a period of 30 consecutive days or more. See Nevada Revised Statutes 488.035
- Owner: means :
(a) A person having all the incidents of ownership, including the legal title of a vessel, whether or not he or she lends, rents or pledges the vessel;
(b) A debtor under a security agreement relating to a vessel; or
(c) A person, other than a secured party, who has a property right with regard to a human-powered vessel, including, without limitation, a person entitled to use or possess a human-powered vessel subject to a security interest of another person. See Nevada Revised Statutes 488.035
- Power-driven vessel: means any vessel propelled by machinery, whether or not the machinery is the principal source of propulsion. See Nevada Revised Statutes 488.035
- Vessel: means every description of watercraft, other than a seaplane on the water, used or capable of being used as a means of transportation on water. See Nevada Revised Statutes 488.035