N.C. Gen. Stat. § 75A-42
Certificate as notice of security interest
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
A certificate of title, when issued by the Commission showing a security interest, shall be deemed adequate notice to the State, creditors, and purchasers that a security interest in the vessel exists. No other recording or filing of the creation or reservation of a security interest in the county or city wherein the purchaser or debtor resides or elsewhere is necessary and shall not be required. Vessels, other than those that are inventory held for sale, for which a certificate of title is currently in effect, shall be exempt from the provisions of G.S. 25-9-309, 25-9-310, 25-9-312, 25-9-320, 25-9-322, 25-9-323, 25-9-324, 25-9-331, 25-9-404, 25-9-405, 25-9-406, and 25-9-501 to 25-9-526 for so long as the certificate of title remains in effect.
A certificate of title, when issued by the Commission showing a security interest, shall be deemed adequate notice to the State, creditors, and purchasers that a security interest in the vessel exists. No other recording or filing of the creation or reservation of a security interest in the county or city wherein the purchaser or debtor resides or elsewhere is necessary and shall not be required. Vessels, other than those that are inventory held for sale, for which a certificate of title is currently in effect, shall be exempt from the provisions of G.S. 25-9-309, 25-9-310, 25-9-312, 25-9-320, 25-9-322, 25-9-323, 25-9-324, 25-9-331, 25-9-404, 25-9-405, 25-9-406, and 25-9-501 to 25-9-526 for so long as the certificate of title remains in effect.
History
(1989, c. 739, s.1; 2000-169, s. 39; 2006-185, s. 2.)
Effect of Amendments. - Session Laws 2006-185, s. 2, effective January 1, 2007, and applicable to offenses committed on or after January 1, 2007, substituted "vessel exists. No other" for "watercraft exists and the," deleted "not" preceding "necessary," and, in the last sentence, substituted "Vessels" for "Watercraft" at the beginning and inserted a comma following "effect" near the middle.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.