Va. Code Ann. § 29.1-708

The owner shall furnish the Department with notice of (i) the transfer of all or any part of his interest other than the creation of a security interest in a motorboat numbered in Virginia pursuant to § 29.1-702 or § 29.1-704 or (ii) the destruction or abandonment of such motorboat, within fifteen days thereof. Such transfer, destruction, or abandonment shall terminate the certificate of number for the motorboat except that, in the case of a transfer of a part interest which does not affect the owner's right to operate such motorboat, the transfer shall not terminate the certificate of number.