Nevada Revised Statutes 488.1823 – Procedure for perfection of security interest
1. No security interest in any power-driven vessel required to be numbered under this chapter, whether the number was awarded before or after the creation of the security interest, is perfected until the secured party or the successor or assignee of the secured party has deposited with the Department a properly endorsed certificate of ownership to the power-driven vessel subject to the security interest.
Terms Used In Nevada Revised Statutes 488.1823
- Department: means the Department of Wildlife. See Nevada Revised Statutes 488.035
- 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
2. The certificate must show the secured party as legal owner if the power-driven vessel is then numbered under this chapter, or if not so numbered, the registered owner shall file an initial application for a certificate of number and for a certificate of ownership and the certificate of ownership issued thereunder must contain the name and address of the legal owner.
3. Upon compliance with subsections 1 and 2, the security interest is perfected and the records of the Department must show the secured party or the successor or assignee of the secured party as the legal owner of the power-driven vessel.