Sec. 08.04.12.01. Security Interest Recordation

A. A secured party shall perfect a security interest in a vessel by submitting the filing fee and completing:

(1) The spaces provided for security interests in a vessel on the application for Maryland Certificates of Title and Boat Numbers for a vessel required to be numbered and never titled in Maryland;

(2) The spaces provided for security interests in a vessel on the application for transfer of a Maryland titled vessel; or

(3) The Security Interest Filing Statement and submitting the Statement, the owner's Certificate of Title, and the appropriate fee.

B. The Department may record the security interest only if the filing fee is paid.

C. To record a subsequent security interest in a vessel:

(1) Second or subsequent secured party shall submit the Security Interest Filing Statement to the first secured party with the appropriate fee.

(2) First secured party shall transmit the Security Interest Filing Statement and appropriate fee to the Department.

(3) Department shall deliver the new Security Interest Filing Statement to the first secured party.

(4) Department shall deliver a validated copy of the Security Interest Filing Statement showing the date of recordation to the second or subsequent secured party.

D. When a second or subsequent secured party interest is discharged, that party shall forward the original Discharge of Security Interest to the Department and a copy to the first secured party and to the vessel owner.

E. The Department record shall be available for inspection by the public during normal working hours in the Annapolis office only.