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Boat Loan Perfection

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BoatWiki - Definitions

Definition


A boat loan perfection can be defined as the process of securing an unequivocal ownership, encumbrance, or lien position for a specific boat. These are also referred to as  title perfections, loan perfections, security perfections, collateral perfections, lien perfections, and perfected interests.

Meaning


The ultimate objective of any boat owner, marine lender, or claimant is that of protecting their interests against those who would challenge such standings. This is especially important in the event of a foreclosure involving the distribution of liquidation proceeds. With the exception of hidden maritime liens, these perfections are typically accomplished through the appropriate filings and recordings.

Context


Loan perfections are implemented in the boating industry through a number of different recording procedures. These are for the most part related to the manner in which a boat is titled, registered, or documented. Legal ownerships, preferred mortgages, and Uniform Commercial Code filings are examples such recordings.

Conclusion


Attaining the ultimate means of loan perfection when it comes to boats, vessels, yachts, and ships can prove challenging for the layperson. Those who are not familiar with such issues should consider the services of a qualified attorney and experienced boat titling professional.


Credits and References

5/12/2022 - Page initiated by Team BoatWiki.




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