US Laws, Codes, Statutes & Cases

     32-7B-9.2.   Agreement that dealer will satisfy lien by paying lienholder--Trade of boat or consignment agreement--Theft. If a person trades in a boat to a dealer or enters into a consignment agreement with a dealer whereby the dealer will sell the boat and the boat has a lien noted on the title, the dealer and person may agree that the dealer shall satisfy the lien amount by paying the lienholder who is noted on the title. Failure to satisfy a lien pursuant to this section constitutes theft pursuant to chapter 22-30A. The degree of theft is determined by the amount of the unsatisfied lien. Multiple violations of this section occurring within any thirty-day period may be aggregated in amount to determine the degree of theft.

Source: SL 2005, ch 159, § 16.