1. No security interest in any power-driven vessel required to be numbered under this chapter, whether the number was awarded before or after the creation of the security interest, is perfected until the secured party or the successor or assignee of the secured party has deposited with the Department a properly endorsed certificate of ownership to the power-driven vessel subject to the security interest.
2. The certificate must show the secured party as legal owner if the power-driven vessel is then numbered under this chapter, or if not so numbered, the registered owner shall file an initial application for a certificate of number and for a certificate of ownership and the certificate of ownership issued thereunder must contain the name and address of the legal owner.
3. Upon compliance with subsections 1 and 2, the security interest is perfected and the records of the Department must show the secured party or the successor or assignee of the secured party as the legal owner of the power-driven vessel.