2019 District of Columbia Code
Title 50 - Motor and Non-Motor Vehicles and Traffic.
Chapter 15B - Uniform Certificate of Title for Vessels.
§ 50–1541.23. Rights of secured party.
(a) Subject to subsection (b) of this section, the effect of perfection and nonperfection of a security interest and the priority of a perfected or unperfected security interest with respect to the rights of a purchaser or creditor, including a lien creditor, is governed by Subtitle I of Title 28.
(b) If, while a security interest in a vessel is perfected by any method under this chapter, the Harbor Master creates a certificate of title that does not indicate that the vessel is subject to the security interest or contain a statement that it may be subject to security interests not indicated on the certificate of title:
(1) A buyer of the vessel, other than a person in the business of selling or leasing vessels of that kind, takes free of the security interest if the buyer, acting in good faith and without knowledge of the security interest, gives value and receives possession of the vessel; and
(2) The security interest is subordinate to a conflicting security interest in the vessel that is perfected under § 50-1541.14 after creation of the certificate of title and without the conflicting secured party’s knowledge of the security interest.
(Mar. 11, 2015, D.C. Law 20-215, § 24, 61 DCR 13083.)
Editor's NotesApplicability of D.C. Law 20-215: Section 32 of D.C. Law 20-215 provided that the act shall apply as of January 1, 2016.
