Uniform Certificate of Title for Vessels Act
BoatWiki - Definitions
Definition
The Uniform Certificate of Title for Vessels Act (UCOTVA) is a set of proposed rulings as set forth by the Unified Law Commission. These relate to uniform titling methods for boats registered on the state level. Although not yet adopted by most jurisdictions, they are broadly supported by the marine industry in general.
Meaning
This act is basically designed to encourage the standardization of titling requirements for boats in a manner that is similar to those which have been legislated for vehicles throughout the country. This will help in certifying the rightful owners and by identifying boats which have been salvaged, damaged, or stolen. It will also greatly enhance the availability of marine financing for prospective buyers.
Context
The marine industry is light years behind the automotive industry when it comes to state level registration and titling for boats. There are in fact, a number of states that do not yet even issue boat title certificates. There is also a lack of standardization with respect to state level and U.S. Coast Guard recording procedures. This creates enormous problems for boaters and lenders in trying to implement the requirements for due diligence when it comes to boat transactions.
Conclusion
Team BoatWiki encourages everyone in the boating community to become aware of what UCOTVA is all about and to support it in every way possible.
Credits and References
3/1/2022 - Page initiated by Team BoatWiki.
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