(625 ILCS 45/3B-3) (from Ch. 95 1/2, par. 313B-3)
Sec. 3B-3.
Security interest.
If an owner creates a security interest in a
watercraft:
(a) The owner shall immediately execute the application, in the space
provided therefor on the certificate of title or on a separate form the
Department of Natural Resources prescribes, to name the
lienholder on the certificate,
showing the name and address of the lienholder and the date of his security
agreement, and cause the certificate, application and the required fee to
be delivered to the lienholder.
(b) The lienholder shall immediately cause the certificate, application
and the required fee to be mailed or delivered to the Department of
Natural Resources.
(c) Upon request of the owner or subordinate lienholder, a lienholder in
possession of the certificate of title shall either mail or deliver the
certificate to the subordinate lienholder for delivery to the Department of
Natural Resources or, upon receipt from the subordinate
lienholder of the owner's application and the required fee, mail or deliver
them to the Department of Natural Resources with the
certificate. The delivery of the certificate does not affect the rights of the
first lienholder under his security agreement.
(d) Upon receipt of the certificate of title, application and the
required fee, the Department of Natural Resources shall
either endorse on the
certificate or issue a new certificate containing the name and address of
the new lienholder, and mail the certificate to the first lienholder named
in it.
(Source: P.A. 89-445, eff. 2-7-96.)
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