Certificate of Ownership
BoatWiki - Definitions
Definition
A certificate of ownership can be defined as a document produced by the National Vessel Documentation Center that identifies the last owner of record and any outstanding encumbrances.
Meaning
The certificate of ownership is a condensed version of a vessel's underlying abstract of title. It derives only such information as that related to the most current owner of record and any outstanding encumbrances.
Context
Abstracts of title can be difficult to interpret, especially on older vessels with lots of filings. This is where a certificate of ownership comes into play. Although available to anyone, they are typically utilized in legal proceedings or by entities that require such derivatives.
Conclusion
Although certificates of ownership have their place, they are considerably more expensive than an abstract of title. Visit the above WikiTags for further details and ordering information.
Credits and References
4/19/2022 - Page initiated by Team BoatWiki.
