The transferee of a security interest of any legal owner of any motorboat numbered under this chapter need not make application for transfer of ownership if such security interest arises from a pledge of a security agreement by the legal owner to the pledgee.

Terms Used In Nevada Revised Statutes 488.182

  • 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
  • Motorboat: means any vessel propelled by machinery, whether or not the machinery is the principal source of propulsion. 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; and

    (b) A debtor under a security agreement relating to a vessel. See Nevada Revised Statutes 488.035

  Previous section
Next section  
 Ownership, Registration and Numbering Contents