462A.83 - SECURITY INTEREST IN VESSELS -- EXEMPTIONS.
462A.83 SECURITY INTEREST IN VESSELS -- EXEMPTIONS. This division does not apply to or affect any of the following: 1. A lien given by statute or rule of law to a supplier of services or materials for a vessel. 2. A lien given by statute to the United States, this state, or any political subdivision of this state. 3. A security interest in a vessel created by a manufacturer or dealer who holds the vessel for sale, but a buyer in the ordinary course of trade from the manufacturer or dealer takes free of the security interest. 4. A lien arising out of an attachment of a vessel. 5. A security interest claimed on proceeds if the original security interest did not have to be noted on the certificate of title in order to be perfected. 6. A vessel for which a certificate of title is not required under this chapter. 7. A security interest perfected under chapter 554 before January 1, 1988.
Section History: Recent Form 87 Acts, ch 134, § 10 CS87, § 106.83 C93, § 462A.83