86B.880 SECURITY INTERESTS.
Subdivision 1. Validity.
Unless excepted by section
, a security interest in a titled
watercraft is not valid against creditors of the owner or subsequent transferees or secured parties
of the watercraft unless perfected as provided in this chapter.
Subd. 2. Perfection.
A security interest is perfected by the delivery to the commissioner
of the existing certificate of title, if any, or an application for a certificate of title, containing
the name and address of the secured party, the date of the security agreement, and the required
fee. A security interest is perfected as of the time of the delivery. The method provided in this
chapter is exclusive.
History: 1989 c 335 art 1 s 234; 1990 c 391 art 10 s 3; 2001 c 195 art 1 s 1