Code of Virginia
Chapter 7 - Boating Laws
§ 29.1-733.16. Termination statement; delivery of certificate of title; penalty

A. A secured party indicated in the files of the Department as having a security interest in a watercraft shall deliver a termination statement to the Department and, on the debtor's request, to the debtor by the earlier of:
1. Twenty days after the secured party receives a signed demand from an owner for a termination statement and there is no obligation secured by the watercraft subject to the security interest and no commitment to make an advance, incur an obligation, or otherwise give value secured by the watercraft; or
2. If the watercraft is consumer goods, 30 days after there is no obligation secured by the watercraft and no commitment to make an advance, incur an obligation, or otherwise give value secured by the watercraft.
B. If a written certificate of title has been created and delivered to a secured party and a termination statement is required under subsection A, the secured party, not later than the date required by subsection A, shall deliver the certificate to the debtor or to the Department with the statement. An owner, upon securing the release of any security interest upon a vessel shown upon the certificate of title issued for the watercraft, may exhibit the documents evidencing the release, signed by the person or persons making such release, and the certificate of title to the Department. If the certificate is lost, stolen, mutilated, destroyed, or is otherwise unavailable or illegible, the secured party shall deliver with the statement, not later than the date required by subsection A, an application for a replacement certificate meeting the requirements of § 29.1-733.22.
C. On delivery to the Department of a termination statement authorized by the secured party, the security interest to which the statement relates ceases to be perfected. If the security interest to which the statement relates was indicated on the certificate of title, the Department shall create a new certificate and deliver the new certificate or a record evidencing an electronic certificate. The Department shall maintain in its files the date and time of delivery to the Department of the statement.
D. A secured party that fails to deliver a required termination statement is liable for any loss that the secured party had reason to know might result from its failure to comply and that could not reasonably have been prevented and for the cost of an application for a certificate of title under § 29.1-733.7 or 29.1-733.22.
E. It shall constitute a Class 1 misdemeanor for a secured party who holds a certificate of title to refuse or fail to surrender the certificate to the owner or his agent within 10 days after the security interest has been paid and satisfied.
2013, c. 787.

Structure Code of Virginia

Code of Virginia

Title 29.1 - Wildlife, Inland Fisheries and Boating

Chapter 7 - Boating Laws

§ 29.1-700. Definitions

§ 29.1-701. Department to administer chapter; Motorboat Committee; funds for administration; records; rules and regulations

§ 29.1-701.1. Authority of Board to set fees

§ 29.1-702. Registration requirements; display of numbers; cancellation of certificate; exemption

§ 29.1-702.1. Making false affidavit or swearing falsely, perjury; penalty

§ 29.1-703. Identification numbers required; decals

§ 29.1-703.1. Temporary registration certificate; fee; application

§ 29.1-703.2. Designation of agents; compensation to agents; deposit of temporary registration certificate moneys

§ 29.1-704. Recording previously awarded numbers

§ 29.1-705. Change of ownership of motorboat; lost certificates

§ 29.1-706. Agents awarding numbers

§ 29.1-707. Records

§ 29.1-708. Transfer, destruction or abandonment of motorboat

§ 29.1-709. Change of address of certificate holder

§ 29.1-710. Exemption from numbering requirements

§ 29.1-711. Dealers and manufacturers of motorboats

§ 29.1-712. Repealed

§ 29.1-733.2. Definitions

§ 29.1-733.3. Applicability

§ 29.1-733.4. Supplemental principles of law and equity

§ 29.1-733.5. Law governing watercraft covered by certificate of title

§ 29.1-733.6. Certificate of title required

§ 29.1-733.7. Application for certificate of title

§ 29.1-733.8. Creation and cancellation of certificate of title

§ 29.1-733.9. Content of certificate of title

§ 29.1-733.10. Title brand

§ 29.1-733.11. Maintenance of and access to files

§ 29.1-733.12. Action required on creation of certificate of title

§ 29.1-733.13. Effect of certificate of title

§ 29.1-733.14. Effect of possession of certificate of title; judicial process; levy; penalty

§ 29.1-733.15. Perfection of security interest

§ 29.1-733.16. Termination statement; delivery of certificate of title; penalty

§ 29.1-733.17. Transfer of ownership

§ 29.1-733.18. Effect of missing or incorrect information

§ 29.1-733.19. Transfer of ownership by secured party's transfer statement

§ 29.1-733.20. Transfer by operation of law

§ 29.1-733.21. Application for transfer of ownership or termination of security interest without certificate of title

§ 29.1-733.22. Replacement certificate of title

§ 29.1-733.23. Rights of purchaser other than secured party

§ 29.1-733.24. Rights of secured party

§ 29.1-733.25. Acquiring title to an abandoned watercraft

§ 29.1-733.26. Duties and operation of the Department

§ 29.1-733.27. Uniformity of application and construction

§ 29.1-733.28. Relationship to Electronic Signatures in Global and National Commerce Act

§ 29.1-733.29. Savings clause

§ 29.1-734. Authorization for and placing of markers in waters of the Commonwealth used for public swimming areas; no motorboating, waterskiing in marked area

§ 29.1-734.1. Skin and scuba divers

§ 29.1-735. Regulations for vessel operation and equipment

§ 29.1-735.1. Board authorized to promulgate regulations for seaplanes

§ 29.1-735.2. Boating safety education required; Board to promulgate regulations

§ 29.1-735.3. Regulation of parasail operators

§ 29.1-736. Boat rentals; equipment; safety course

§ 29.1-737. Muffling devices

§ 29.1-738. Operating boat or manipulating water skis, etc., in reckless manner or while intoxicated, etc.

§ 29.1-738.01. Operating boat in an improper manner; penalty

§ 29.1-738.02. Persons under age twenty-one operating watercraft after illegally consuming alcohol; penalty

§ 29.1-738.03. Reckless operation of a personal watercraft

§ 29.1-738.1. Analysis of breath to determine alcohol content of blood

§ 29.1-738.2. Consent to blood or breath test

§ 29.1-738.3. Presumptions from alcohol or drug content

§ 29.1-738.4. Additional penalty for reckless or intoxicated operation of a watercraft or motorboat

§ 29.1-738.5. Participation in rehabilitation program

§ 29.1-738.6. When arrested person operating a vessel; how vessel removed from scene of arrest

§ 29.1-739. Duty of operator involved in collision, accident or other casualty; immunity from liability; report of collision, etc.; summons in lieu of arrest

§ 29.1-739.1. Disregarding signal by law-enforcement officer to stop; attempts to elude; penalty

§ 29.1-739.2. Conservation police officers to patrol lakes

§ 29.1-740. Duty to stop and render assistance; penalties for violations

§ 29.1-741. Furnishing information to agency of United States

§ 29.1-742. Towing water skis, surfboards, etc.

§ 29.1-743. Repealed

§ 29.1-744. Local regulation; application for placement or removal of "no wake" buoys, etc.

§ 29.1-744.1. Repealed

§ 29.1-744.2. Repealed

§ 29.1-744.3. Slacken speed and control wakes near structures

§ 29.1-744.4. "Pass-through" zones; local ordinances; penalties

§ 29.1-745. Enforcement of chapter; vessels displaying Coast Guard inspection decal

§ 29.1-746. Penalties

§ 29.1-747. Repealed

§ 29.1-748. Restrictions on operation; penalty

§ 29.1-748.1. Local ordinances; operation on lakes; minimum distance from shoreline; penalty

§ 29.1-749. Owner of personal watercraft permitting violation; penalty

§ 29.1-749.1. Identification of personal watercraft rentals

§ 29.1-749.2. Local regulation of personal watercraft rentals; penalty

§ 29.1-749.3. Personal watercraft instruction; rental agents

§ 29.1-750. Exemptions