Titling and documentation: the struggle over the vessel ID system threatens the future of yacht financing

Article Abstract:

The boating industry is working for the repeal of 'seven deadly words' in a federal law concerning the ownership and financing of boats. Under these words, any vessel subject to a state title does not qualify for federal documentation, thus hindering the title-searching of documented yachts.

Finance

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Keeping your docs in a row: the Coast Guard proposes mandatory mortgage discharge

Article Abstract:

Filing a certificate of discharge for a boat's mortgage should be done upon receipt to avoid future problems. According to documentation lawyers and services, replacement of unfiled charges may take weeks or months. Hence, a filing regulation was proposed by the US Coast Guard.

Mortgages, United States. Coast Guard

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The power of words: repeal of the 'seven deadly words' promises to get a federal vessel identification system up and running

Article Abstract:

The 'seven deadly words' serving as the statutory base for the Vessel Identification System was repealed effective Nov 13, 1998. The yacht documentation policy was inserted unnoticed into the Recodification bill prior to the 1988 Congressional recess.

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