(a) For purposes of this section:
(1) “By operation of law” means pursuant to a law or judicial order affecting ownership of a vessel:
(A) Because of death, divorce or other family law proceeding, merger, consolidation, dissolution or bankruptcy;
(B) Through the exercise of the rights of a lien creditor or a person having a lien created by statute or rule of law; or
(C) Through other legal process; and
(2) “Transfer-by-law statement” means a record signed by a transferee stating that by operation of law the transferee has acquired or has the right to acquire an ownership interest in a vessel.
(b) A transfer-by-law statement shall contain:
(1) The name and last-known mailing address of the owner of record and the transferee and the other information required pursuant to subsection (b) of section 15-207;
(2) Documentation sufficient to establish the transferee's ownership interest or right to acquire the ownership interest;
(3) A statement that:
(A) The certificate of title is an electronic certificate of title;
(B) The transferee does not have possession of the written certificate of title created in the name of the owner of record; or
(C) The transferee is delivering the written certificate of title to the Department of Motor Vehicles with the transfer-by-law statement; and
(4) Except for a transfer described in subparagraph (A) of subdivision (1) of subsection (a) of this section, evidence that notification of the transfer and the intent to file the transfer-by-law statement has been sent to all persons indicated in the department's files as having an interest, including a security interest, in the vessel.
(c) Unless the department rejects a transfer-by-law statement for a reason stated in subsection (c) of section 15-208 or because the statement does not include documentation satisfactory to the department as to the transferee's ownership interest or right to acquire the ownership interest, after delivery to the department of the statement and payment of fees and taxes payable under the law of this state other than sections 15-201 to 15-232, inclusive, in connection with the statement or with the acquisition or use of the vessel, the department shall:
(1) Accept the statement;
(2) Amend its files to reflect the transfer; and
(3) If the name of the owner whose ownership interest is being transferred is indicated on the certificate of title:
(A) Cancel the certificate of title even if the certificate of title has not been delivered to the department;
(B) Create a new certificate of title indicating the transferee as owner;
(C) Indicate on the new certificate of title any security interest indicated on the canceled certificate of title, unless a court order provides otherwise; and
(D) Deliver the new certificate of title or a record evidencing an electronic certificate of title.
(d) The provisions of this section shall not apply to a transfer of an interest in a vessel by a secured party under sections 42a-9-601 to 42a-9-628, inclusive.
(P.A. 14-63, S. 19.)
History: P.A. 14-63 effective January 1, 2016.