Wash. Admin. Code § 308-90-140 - Listing
How would I handle the trust account relative to listed vessels?
(1) All funds received from
purchasers, including deposits, payments, or proceeds from the sale of trade-in
vessels on a listing sale shall be placed in the vessel dealer's trust account
as required by RCW 88.02.220, and those funds shall remain in such trust
account until the listed vessel sale is completed.
(2) At the time the sale is completed, and at
vessel delivery, the listing dealer shall pay any outstanding liens from trust
funds in order to obtain title for transfer.
(3) If the sale of a listed vessel is a
retail sale the vessel dealer is required to transfer title as provided by RCW
88.02.125.
Notes
Statutory Authority: RCW 88.02.100. 02-05-073, § 308-90-140, filed 2/20/02, effective 3/23/02. Statutory Authority: 1987 c 149 § 1. 88-03-038 (Order DLR-162), § 308-90-140, filed 1/19/88.
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.