(1) Security interests in vessels subject to the requirements of this chapter must be perfected only by indication upon the vessel's certificate of title. The provisions of chapters 46.12 and * 46.16 RCW relating to vehicle registration certificates, certificates of title, certificate issuance, ownership transfer, and perfection of security interests, and other provisions that may be applied to vessels subject to this chapter, may be so applied by rule of the department if they are not inconsistent with this chapter.
(2) Security interests may be released or acted upon as provided by the law under which they arose or were perfected. A new security interest or renewal or extension of an existing security interest is not affected except as provided under the terms of this chapter and **RCW 46.12.095.