- (a) Unless otherwise agreed by the owner, within 20 days of the satisfaction of a security interest in a boat, the secured party shall mail or deliver the title with the release to the owner and notify the Commission of the release of security interest.
- (b) Perfection of a security interest under this subchapter is effective for 10 years, dating from the time of perfection as provided in § 93.113 (relating to creation and perfection of security interests in boats) unless renewed as provided in subsection (c).
- (c) The effectiveness of perfection lapses on the expiration of the period specified in subsection (b) unless a renewal form signed by the secured party of record is filed within the 6 months immediately preceding expiration. Upon the timely filing of the renewal form and the tender of the required fee, the effectiveness of perfection continues for 5 years from the date on which perfection would have become ineffective in the absence of renewal. Perfection may be successively renewed.
Authority
The provisions of this § 93.115 amended under the Fish and Boat Code, 30 Pa.C.S. § 5325.
Source
The provisions of this § 93.115 amended July 19, 2002, effective July 20, 2002, 32 Pa.B. 3488. Immediately preceding text appears at serial page (239854).