(a) The department shall have the authority to suspend or revoke a certificate of title to a watercraft, or to an outboard motor, upon reasonable notice and hearing, when authorized by any other provision of law or if he finds:
- (1) The certificate of title was fraudulently procured or erroneously issued, or
- (2) The watercraft, or outboard motor, has been scrapped, dismantled, or destroyed, or transferred and registered in another state.
- (b) Suspension or revocation of a certificate of title does not, in itself, affect the validity of a security interest noted on it;
- (c) When the department suspends or revokes a certificate of title, the owner or person in possession of it shall, immediately upon receiving notice of the suspension or revocation, mail or deliver the certificate to the department; or
- (d) The department may seize and impound any certificate of title which has been suspended and revoked.
HISTORY: 1962 Code Section 70-295.121; 1971 (57) 915; 1985 Act No. 47, Section 3; 1993 Act No. 181, Section 1270.