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2399Ratification Number: 380Act Number: 341Introducing Body: HouseSubject: Relating to liens and other encumbrances on watercraft and outboard motors
(A341, R380, H2399)
AN ACT TO AMEND SECTION 50-23-140, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LIENS AND OTHER ENCUMBRANCES ON WATERCRAFT AND OUTBOARD MOTORS, SO AS TO PROVIDE FOR THE PERFECTING OF SECURITY INTERESTS.
Be it enacted by the General Assembly of the State of South Carolina:
Perfection of security instrument
SECTION 1. Section 50-23-140 of the 1976 Code is amended by adding at the end:
"(c) A security interest is perfected by the delivery to the Department of the existing certificate of title, if any, an application for a certificate of title containing the name and address of the lienholder and the date of his security agreement, and the required fee. It is perfected as of the time of its creation if the delivery is completed within twenty days of itscreation, otherwise, as of the time of the delivery."
SECTION 2. This act shall take effect upon approval by the Governor.