Transfers of Titled Motorboats

(1) No person may sell, assign, transfer, or otherwise dispose of an interest in a titled motorboat without: (a) delivering to the transferee a certificate of title in the name of the transferor properly endorsed to show the transfer, or (b) if the transferee is not a manufacturer or dealer and the titled motorboat is new, delivering to the division a manufacturer's or importer's certification showing the endorsement of the manufacturer and all intervening owners; or 1.04: continued (c) if the transferee is a manufacturer or dealer and the titled motorboat is new, delivering to the transferee a manufacturer's or importer's certificate showing the endorsement of the manufacturer and all intervening owners, or (d) if the titled motorboat is not covered by a certificate of title or manufacturer's or importer's certificate, delivering to the division sufficient evidence of title and other information so that a certificate of title will be issued. (2) If ownership of a titled motorboat is transferred by operation of law, such as inheritance, order in bankruptcy, insolvency, replevin, or execution sale, the transferee, within 30 days after acquiring the right to possession of the titled motorboat by operation of law, shall provide to the division such proof of the right to possession as it requires, together with an application for a new certificate of title and the required fee. (3) If a lien holder repossesses a titled motorboat by operation of law and holds it for resale, such person shall secure a new certificate of title and shall pay the required fee.