2005 Missouri Revised Statutes - § 306.435. — Repossessed vessels, motorboats and outboard motors, certificate of title--application, procedure, fee, form of--issued, when--director of revenue, duties.

306.435. 1. When the holder of any indebtedness secured by a security agreement or other contract for security covering an outboard motor, motorboat, vessel, or watercraft repossesses the outboard motor, motorboat, vessel, or watercraft either by legal process or in accordance with the terms of a contract authorizing the repossession of the outboard motor, motorboat, vessel, or watercraft without legal process, the holder may obtain a certificate of title from the director of revenue upon presentation of:

(1) An application, which shall be upon a blank form furnished by the director of revenue and shall contain the full description of the outboard motor, motorboat, vessel, or watercraft and the manufacturer's or other identifying number;

(2) An affidavit of the holder that the debtor defaulted in payment of the debt, and that the holder repossessed the outboard motor, motorboat, vessel, or watercraft either by legal process or in accordance with the terms of the contract, and the specific address where the outboard motor, motorboat, vessel, or watercraft is held; and

(3) The original, or a conformed or photostatic copy of the original, of the security agreement or other contract for security and the instrument evidencing the indebtedness secured by the security agreement or other contract for security. The director may, by regulation, prescribe for the inclusion in either or both the application or affidavit required by this subsection any other information that he, from time to time, deems necessary or advisable, and may prescribe that the affidavit required by this subsection be part of the application.

2. Upon the holder's presentation of the papers required by subsection 1 of this section and the payment of a fee of ten dollars, the director of revenue, if he is satisfied with the genuineness of the papers, shall issue and deliver to the holder a certificate of title which shall be in its usual form except it shall be clearly captioned "Repossessed Title"; except that, unless the application is accompanied by the written consent, acknowledged before an officer authorized to take acknowledgments, of the owners and other lienholders, if any, of the outboard motor, motorboat, vessel, or watercraft as shown by the last prior certificate of title or ownership, if any, issued on the outboard motor, motorboat, vessel, or watercraft, for the issuance of a repossessed title to the applicant, no such repossessed title may be issued by the director of revenue unless the director shall first give ten days' written notice by first class United States mail postage prepared to each of the owners and other lienholders, if any, of the outboard motor, motorboat, vessel, or watercraft at each of their last mailing addresses as shown by the last prior certificate of title or ownership, if any, issued on the outboard motor, motorboat, vessel, or watercraft, that an application for a repossessed title has been made and the date the repossessed title will be issued, which notice shall be accompanied by a copy, photostatic or otherwise, of the application and affidavit. The application for repossessed title may be withdrawn by the applicant at any time before the granting thereof. Each repossessed title so issued shall, for all purposes, be treated as an original certificate of title and shall supersede the outstanding certificate of title or ownership, if any, and duplicates thereof, if any, on the outboard motor, motorboat, vessel, or watercraft, all of which shall become null and void.

3. In any case where there is no certificate of title or ownership, or duplicate thereof, outstanding in the name of the debtor on the repossessed outboard motor, motorboat, vessel, or watercraft, the director of revenue shall issue a repossessed title to the holder upon the payment of all unpaid fees, taxes, charges and penalties from the debtor as provided in sections 306.015, 306.030, 306.530 and 306.535, in addition to the fee specified in subsection 2 of this section.

(L. 1985 H.B. 280, et al. § 301.735)

Effective 4-1-86