BoatWiki

BoatWiki.com

The Free Boating Encyclopedia

DefinitionsGuidelinesResources
FormsDatabasesBlogsProfiles

Participate TranslateAbout
LinkTermsPrivacyContact

--- WikiTags ---

...



BoatScope

The nation's premier boat history report with a full compliment of title search resources. Includes eight maritime databases all rolled into one convenient interface. A must-have service for any prospective buyer, marine lender, or maritime professional.

Visit Now

Advertisement

Owner Background Search

Criminal Records
Assets - Properties
Personal Details


Know your seller!

Sponsored by

BeenVerified

Boat Legal Owner WikiTagsWikiShare


BoatWiki - Definitions

Description


A "legal owner", in terms of state level boat titling, is a party or the parties with an unencumbered ownership equity. In scenarios where the boat has been granted as collateral for a loan, the lender then becomes the "legal owner" with the debtor shown as a "registered owner". When the loan has been paid-off, a title is re-issued without such designation. There are also situations where this type of arrangement applies to a lease arrangement.

Context


Not all states employ this type of listing. In some jurisdictions, the lender will simply be shown as a "secured party". The legal owner concept does not apply to USGG vessel documentation as mortgages are recorded in order to secure a lender's interest.

Liabilities


In a legal and registered ownership arrangement, the burden of liability for the boat's operation typically falls upon the registered owner.

Conclusion


Parties that are confused about the relationship between a legal and registered owner should consult with a qualified attorney and tax professional.


Credits and References

2/28/2022 - Page initiated by Team BoatWiki.




Advertisement

BoatUS Towing


Float Your BoatWiki

Learn about the role you can play
in supporting the internet's most reliable
source of free boating information.

WikiAlerts

Stay informed about urgent matters of
boater fraud and the latest changes in
 boat registration or safety regulations.

Advertisement

Advertisement

BoatUS Member


BoatWiki.com

A Division of Maritime Partners, LLC
State of Washington  USA
© Copyright 1998 - 2022 All rights reserved.