Fla. Admin. Code Ann. R. 15C-15.003 - Vessel Lien Satisfactions

(1) Upon the satisfaction of a recorded lien on a vessel, the lienholder shall within 30 days submit to the Department a formal satisfaction of lien notice to include the information presented below:

(a) Name and address of titled vessel owner.

(b) Name of lienholder.

(c) Dollar amount of lien.

(d) Description of the vessel to include: make; model year and hull identification number.

(e) Notarized signature of an authorized representative of the lienholder.

(2) In addition to compliance with subsection 15C-15.003(1), F.A.C., upon satisfaction of a lien in the amount of $20, 000 or less the lienholder shall either:

(a) Enter a notarized satisfaction of the lien in the space provided on the face of the vessel certificate of title.

(b) Or validate the satisfaction of the lien on the face of the vessel certificate of title by stamping it with an authorized bank stamp. The recognized use of such a stamp shall be limited to lending institutions chartered by either the State of Florida or the federal government.

(c) Or, validate the satisfaction of the lien recorded on the face of the vessel certificate of title by the lienholder's submission of a properly completed lien satisfaction form which provides the documentation required by subsection 15C-15.003(1), F.A.C.

(3) In addition to compliance with subsection 15C-15.003(1), F.A.C., upon satisfaction of a lien in an amount greater than $20, 000 the lienholder shall execute a notarized satisfaction of the lien required in paragraphs 15C-15.003(2)(a) and (c), F.A.C.

(4) Upon demand, a lienholder shall deliver within 30 days the certificate of title bearing the satisfaction of lien to the titled vessel owner provided there are no subsequent liens shown thereon. In the event of a recorded subsequent lien, the holder of the first satisfied lien shall relinquish the certificate of title to the next recorded lienholder.

(5) In the event a lienholder is permanently unavailable to execute a proper satisfaction of lien which has been recorded with the Department for 5 years or more, the following actions shall be required in order to remove said lien from the Department's records:

(a) The titled vessel owner shall submit in writing to the Department a request that the lien be removed from the Department's records. Said request shall explain the circumstances as to why the lienholder cannot be contacted and itemize the actions taken by the vessel owner to make such contact.

(b) Said owner shall also submit any available documentation, which is comparable to a notice of satisfaction of lien, including documentation as to the efforts within the past 20 days to contact the lienholder by certified mail, return receipt requested. Such documentation shall be notarized. A period of not less than 30 days from the date of application must elapse prior to the Department taking final action on the applicant's request. Said period shall be required to insure that a lienholder has been given adequate time to respond.

(c) In the event the Department determines that adequate actions, without success, have been taken by the titled vessel owner to secure a proper lien satisfaction from the lienholder, the Department may satisfy the recorded lien by issuing a conditional title, which depicts said satisfaction, provided the titled owner certifies to indemnify and hold the Department harmless for any and all claims arising out of said satisfaction.

(6) For liens recorded with the Department less than 5 years, a titled vessel owner who is unable to secure a proper satisfaction of lien pursuant to subsection 15C-15.003(1), F.A.C., shall comply with the provisions in subsection 15C-15.003(5), F.A.C. In addition, said owner shall relinquish to the Department a certified copy of the original executed sales contract officially stamped or certified by the lienholder as paid in full.

(7) In the event the titled vessel owner is unable to comply with any or all of the established requirements for the satisfaction of a lien as set forth in subsection 15C-15.003(5), F.A.C., the Department shall not satisfy said lien without a court order directing such satisfaction.

Notes

Fla. Admin. Code Ann. R. 15C-15.003

Rulemaking Authority 328.15 FS. Law Implemented 328.15 FS.

New 10-16-84, Formerly 16N-34.03, Amended 10-5-86, Formerly 16N-34.003, 62N-34.003.

New 10-16-84, Formerly 16N-34.03, Amended 10-5-86, Formerly 16N-34.003, 62N-34.003.