If the interest of the owner of a watercraft is terminated by enforcement of a security agreement, the transferee shall file all of the following items with the secretary of state:

1. (a) The certificate of title, if in possession.
2. (b) An application for a new certificate of title.
3. (c) An affidavit which indicates that the watercraft was repossessed, that the interest of the owner was terminated by enforcement of the security agreement, and whether the outstanding certificate of title has been filed, or if not filed, the reasons why not, and the location of the certificate of title, if known.

History: 1980 AACS.