{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/29.1-733.16.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/29.1-733.16.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/29.1-733.16.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/29.1-733.16.html"}],"law_id":82562,"edition_id":1,"section_id":82562,"structure_id":13228,"section_number":"29.1-733.16","catch_line":"Termination statement; delivery of certificate of title; penalty","history":"2013, c. 787.","full_text":"A\n\nA secured party indicated in the files of the Department as having a security interest in a watercraft shall deliver a termination statement to the Department and, on the debtor’s request, to the debtor by the earlier of:1\n\nTwenty days after the secured party receives a signed demand from an owner for a termination statement and there is no obligation secured by the watercraft subject to the security interest and no commitment to make an advance, incur an obligation, or otherwise give value secured by the watercraft; or2\n\nIf the watercraft is consumer goods, 30 days after there is no obligation secured by the watercraft and no commitment to make an advance, incur an obligation, or otherwise give value secured by the watercraft.B\n\nIf a written certificate of title has been created and delivered to a secured party and a termination statement is required under subsection A, the secured party, not later than the date required by subsection A, shall deliver the certificate to the debtor or to the Department with the statement. An owner, upon securing the release of any security interest upon a vessel shown upon the certificate of title issued for the watercraft, may exhibit the documents evidencing the release, signed by the person or persons making such release, and the certificate of title to the Department. If the certificate is lost, stolen, mutilated, destroyed, or is otherwise unavailable or illegible, the secured party shall deliver with the statement, not later than the date required by subsection A, an application for a replacement certificate meeting the requirements of § 29.1-733.22.C\n\nOn delivery to the Department of a termination statement authorized by the secured party, the security interest to which the statement relates ceases to be perfected. If the security interest to which the statement relates was indicated on the certificate of title, the Department shall create a new certificate and deliver the new certificate or a record evidencing an electronic certificate. The Department shall maintain in its files the date and time of delivery to the Department of the statement.D\n\nA secured party that fails to deliver a required termination statement is liable for any loss that the secured party had reason to know might result from its failure to comply and that could not reasonably have been prevented and for the cost of an application for a certificate of title under § 29.1-733.7 or 29.1-733.22.E\n\nIt shall constitute a Class 1 misdemeanor for a secured party who holds a certificate of title to refuse or fail to surrender the certificate to the owner or his agent within 10 days after the security interest has been paid and satisfied.","order_by":null,"text":{"0":{"id":295811,"text":"A secured party indicated in the files of the Department as having a security interest in a watercraft shall deliver a termination statement to the Department and, on the debtor’s request, to the debtor by the earlier of:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":295812,"text":"Twenty days after the secured party receives a signed demand from an owner for a termination statement and there is no obligation secured by the watercraft subject to the security interest and no commitment to make an advance, incur an obligation, or otherwise give value secured by the watercraft; or","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":295813,"text":"If the watercraft is consumer goods, 30 days after there is no obligation secured by the watercraft and no commitment to make an advance, incur an obligation, or otherwise give value secured by the watercraft.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":295814,"text":"If a written certificate of title has been created and delivered to a secured party and a termination statement is required under subsection A, the secured party, not later than the date required by subsection A, shall deliver the certificate to the debtor or to the Department with the statement. An owner, upon securing the release of any security interest upon a vessel shown upon the certificate of title issued for the watercraft, may exhibit the documents evidencing the release, signed by the person or persons making such release, and the certificate of title to the Department. If the certificate is lost, stolen, mutilated, destroyed, or is otherwise unavailable or illegible, the secured party shall deliver with the statement, not later than the date required by subsection A, an application for a replacement certificate meeting the requirements of § 29.1-733.22.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2","next_prefix":"C"},"4":{"id":295815,"text":"On delivery to the Department of a termination statement authorized by the secured party, the security interest to which the statement relates ceases to be perfected. If the security interest to which the statement relates was indicated on the certificate of title, the Department shall create a new certificate and deliver the new certificate or a record evidencing an electronic certificate. The Department shall maintain in its files the date and time of delivery to the Department of the statement.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"5":{"id":295816,"text":"A secured party that fails to deliver a required termination statement is liable for any loss that the secured party had reason to know might result from its failure to comply and that could not reasonably have been prevented and for the cost of an application for a certificate of title under § 29.1-733.7 or 29.1-733.22.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"6":{"id":295817,"text":"It shall constitute a Class 1 misdemeanor for a secured party who holds a certificate of title to refuse or fail to surrender the certificate to the owner or his agent within 10 days after the security interest has been paid and satisfied.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":13228,"edition_id":1,"name":"Virginia Uniform Certificate of Title for Watercraft Act","identifier":"2.1","label":"article","depth":3,"order_by":1,"parent_id":13227,"metadata":{},"date_created":"2026-06-26 03:44:29","date_modified":"2026-06-26 03:44:29","permalink":{"id":193527,"object_type":"structure","relational_id":13228,"identifier":"2.1","token":"29.1\/7\/2.1","url":"\/29.1\/7\/2.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13227,"edition_id":1,"name":"Boating Laws","identifier":"7","label":"chapter","depth":2,"order_by":1,"parent_id":12934,"metadata":{},"date_created":"2026-06-26 03:44:29","date_modified":"2026-06-26 03:44:29","permalink":{"id":193453,"object_type":"structure","relational_id":13227,"identifier":"7","token":"29.1\/7","url":"\/29.1\/7\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12934,"edition_id":1,"name":"Wildlife, Inland Fisheries and Boating","identifier":"29.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:03","date_modified":"2026-06-26 03:44:03","permalink":{"id":192277,"object_type":"structure","relational_id":12934,"identifier":"29.1","token":"29.1","url":"\/29.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":59450,"structure_id":13228,"section_number":"29.1-733.10","catch_line":"Title brand","url":"\/29.1-733.10\/","token":"29.1\/7\/2.1\/29.1-733.10","metadata":false},{"id":66488,"structure_id":13228,"section_number":"29.1-733.11","catch_line":"Maintenance of and access to files","url":"\/29.1-733.11\/","token":"29.1\/7\/2.1\/29.1-733.11","metadata":false},{"id":81845,"structure_id":13228,"section_number":"29.1-733.12","catch_line":"Action required on creation of certificate of title","url":"\/29.1-733.12\/","token":"29.1\/7\/2.1\/29.1-733.12","metadata":false},{"id":84270,"structure_id":13228,"section_number":"29.1-733.13","catch_line":"Effect of certificate of title","url":"\/29.1-733.13\/","token":"29.1\/7\/2.1\/29.1-733.13","metadata":false},{"id":85781,"structure_id":13228,"section_number":"29.1-733.14","catch_line":"Effect of possession of certificate of title; judicial process; levy; penalty","url":"\/29.1-733.14\/","token":"29.1\/7\/2.1\/29.1-733.14","metadata":false},{"id":72201,"structure_id":13228,"section_number":"29.1-733.15","catch_line":"Perfection of security interest","url":"\/29.1-733.15\/","token":"29.1\/7\/2.1\/29.1-733.15","metadata":false},{"id":82562,"structure_id":13228,"section_number":"29.1-733.16","catch_line":"Termination statement; delivery of certificate of title; penalty","url":"\/29.1-733.16\/","token":"29.1\/7\/2.1\/29.1-733.16","metadata":false},{"id":72284,"structure_id":13228,"section_number":"29.1-733.17","catch_line":"Transfer of ownership","url":"\/29.1-733.17\/","token":"29.1\/7\/2.1\/29.1-733.17","metadata":false},{"id":64392,"structure_id":13228,"section_number":"29.1-733.18","catch_line":"Effect of missing or incorrect information","url":"\/29.1-733.18\/","token":"29.1\/7\/2.1\/29.1-733.18","metadata":false},{"id":64029,"structure_id":13228,"section_number":"29.1-733.19","catch_line":"Transfer of ownership by secured party's transfer statement","url":"\/29.1-733.19\/","token":"29.1\/7\/2.1\/29.1-733.19","metadata":false},{"id":76938,"structure_id":13228,"section_number":"29.1-733.2","catch_line":"Definitions","url":"\/29.1-733.2\/","token":"29.1\/7\/2.1\/29.1-733.2","metadata":false},{"id":54234,"structure_id":13228,"section_number":"29.1-733.20","catch_line":"Transfer by operation of law","url":"\/29.1-733.20\/","token":"29.1\/7\/2.1\/29.1-733.20","metadata":false},{"id":80512,"structure_id":13228,"section_number":"29.1-733.21","catch_line":"Application for transfer of ownership or termination of security interest without certificate of title","url":"\/29.1-733.21\/","token":"29.1\/7\/2.1\/29.1-733.21","metadata":false},{"id":59034,"structure_id":13228,"section_number":"29.1-733.22","catch_line":"Replacement certificate of title","url":"\/29.1-733.22\/","token":"29.1\/7\/2.1\/29.1-733.22","metadata":false},{"id":82240,"structure_id":13228,"section_number":"29.1-733.23","catch_line":"Rights of purchaser other than secured party","url":"\/29.1-733.23\/","token":"29.1\/7\/2.1\/29.1-733.23","metadata":false},{"id":70415,"structure_id":13228,"section_number":"29.1-733.24","catch_line":"Rights of secured party","url":"\/29.1-733.24\/","token":"29.1\/7\/2.1\/29.1-733.24","metadata":false},{"id":55510,"structure_id":13228,"section_number":"29.1-733.25","catch_line":"Acquiring title to an abandoned watercraft","url":"\/29.1-733.25\/","token":"29.1\/7\/2.1\/29.1-733.25","metadata":false},{"id":58657,"structure_id":13228,"section_number":"29.1-733.26","catch_line":"Duties and operation of the Department","url":"\/29.1-733.26\/","token":"29.1\/7\/2.1\/29.1-733.26","metadata":false},{"id":74341,"structure_id":13228,"section_number":"29.1-733.27","catch_line":"Uniformity of application and construction","url":"\/29.1-733.27\/","token":"29.1\/7\/2.1\/29.1-733.27","metadata":false},{"id":80225,"structure_id":13228,"section_number":"29.1-733.28","catch_line":"Relationship to Electronic Signatures in Global and National Commerce Act","url":"\/29.1-733.28\/","token":"29.1\/7\/2.1\/29.1-733.28","metadata":false},{"id":66326,"structure_id":13228,"section_number":"29.1-733.29","catch_line":"Savings clause","url":"\/29.1-733.29\/","token":"29.1\/7\/2.1\/29.1-733.29","metadata":false},{"id":83150,"structure_id":13228,"section_number":"29.1-733.3","catch_line":"Applicability","url":"\/29.1-733.3\/","token":"29.1\/7\/2.1\/29.1-733.3","metadata":false},{"id":67036,"structure_id":13228,"section_number":"29.1-733.4","catch_line":"Supplemental principles of law and equity","url":"\/29.1-733.4\/","token":"29.1\/7\/2.1\/29.1-733.4","metadata":false},{"id":73968,"structure_id":13228,"section_number":"29.1-733.5","catch_line":"Law governing watercraft covered by certificate of title","url":"\/29.1-733.5\/","token":"29.1\/7\/2.1\/29.1-733.5","metadata":false},{"id":87192,"structure_id":13228,"section_number":"29.1-733.6","catch_line":"Certificate of title required","url":"\/29.1-733.6\/","token":"29.1\/7\/2.1\/29.1-733.6","metadata":false},{"id":68953,"structure_id":13228,"section_number":"29.1-733.7","catch_line":"Application for certificate of title","url":"\/29.1-733.7\/","token":"29.1\/7\/2.1\/29.1-733.7","metadata":false},{"id":57724,"structure_id":13228,"section_number":"29.1-733.8","catch_line":"Creation and cancellation of certificate of title","url":"\/29.1-733.8\/","token":"29.1\/7\/2.1\/29.1-733.8","metadata":false},{"id":83895,"structure_id":13228,"section_number":"29.1-733.9","catch_line":"Content of certificate of title","url":"\/29.1-733.9\/","token":"29.1\/7\/2.1\/29.1-733.9","metadata":false}],"previous_section":{"id":72201,"structure_id":13228,"section_number":"29.1-733.15","catch_line":"Perfection of security interest","url":"\/29.1-733.15\/","token":"29.1\/7\/2.1\/29.1-733.15","metadata":false},"next_section":{"id":72284,"structure_id":13228,"section_number":"29.1-733.17","catch_line":"Transfer of ownership","url":"\/29.1-733.17\/","token":"29.1\/7\/2.1\/29.1-733.17","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/29.1-733.16\/","history_text":"

This law was first created in 2013. The record of its establishment is cataloged in chapter 787<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":[{"id":68953,"section_number":"29.1-733.7","catch_line":"Application for certificate of title","order_by":null,"url":"\/29.1-733.7\/"}],"permalink":{"id":193553,"object_type":"law","relational_id":82562,"identifier":"29.1-733.16","token":"29.1\/7\/2.1\/29.1-733.16","url":"\/29.1-733.16\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/29.1-733.16\/","token":"29.1\/7\/2.1\/29.1-733.16","dublin_core":{"Title":"Termination statement; delivery of certificate of title; penalty","Type":"Text","Format":"text\/html","Identifier":"\u00a7 29.1-733.16","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A secured party<\/span> indicated in the files of the Department<\/span> as having a security interest<\/span> in a watercraft<\/span> shall deliver a termination statement to the Department<\/span> and, on the debtor<\/span>’s request, to the debtor<\/span> by the earlier of: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Twenty days after the secured party<\/span> receives a signed demand from an owner<\/span> for a termination statement and there is no obligation secured by the watercraft<\/span> subject to the security interest<\/span> and no commitment to make an advance, incur an obligation, or otherwise give value<\/span> secured by the watercraft<\/span>; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> If the watercraft<\/span> is consumer goods<\/span>, 30 days after there is no obligation secured by the watercraft<\/span> and no commitment to make an advance, incur an obligation, or otherwise give value<\/span> secured by the watercraft<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If a written certificate of title<\/span><\/span> has been created and delivered to a secured party<\/span> and a termination statement is required under subsection A, the secured party<\/span>, not later than the date required by subsection A, shall deliver the certificate to the debtor<\/span> or to the Department<\/span> with the statement. An owner<\/span>, upon securing the release of any security interest<\/span> upon a vessel<\/span> shown upon the certificate of title<\/span> issued for the watercraft<\/span>, may exhibit the documents evidencing the release, signed by the person<\/span> or persons<\/span> making such release, and the certificate of title<\/span> to the Department<\/span>. If the certificate is lost, stolen, mutilated, destroyed, or is otherwise unavailable or illegible, the secured party<\/span> shall deliver with the statement, not later than the date required by subsection A, an application for a replacement certificate meeting the requirements of § 29.1-733.22<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> On delivery to the Department<\/span> of a termination statement authorized by the secured party<\/span>, the security interest<\/span> to which the statement relates ceases to be perfected. If the security interest<\/span> to which the statement relates was indicated on the certificate of title<\/span>, the Department<\/span> shall create a new certificate and deliver the new certificate or a record<\/span> evidencing an electronic<\/span> certificate. The Department<\/span> shall maintain in its files the date and time of delivery to the Department<\/span> of the statement. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> A secured party<\/span> that fails to deliver a required termination statement is liable for any loss that the secured party<\/span> had reason to know might result from its failure to comply and that could not reasonably have been prevented and for the cost of an application for a certificate of title<\/span> under § 29.1-733.7<\/a> or 29.1-733.22<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> It shall constitute a Class 1 misdemeanor<\/span> for a secured party<\/span> who holds a certificate of title<\/span> to refuse or fail to surrender the certificate to the owner<\/span> or his agent within 10 days after the security interest<\/span> has been paid and satisfied. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nTERMINATION STATEMENT; DELIVERY OF CERTIFICATE OF TITLE; PENALTY (\u00a7\n29.1-733.16)\n\nA. A secured party indicated in the files of the Department as having a security\ninterest in a watercraft shall deliver a termination statement to the Department\nand, on the debtor’s request, to the debtor by the earlier of:\n\n 1. Twenty days after the secured party receives a signed demand from an owner\n for a termination statement and there is no obligation secured by the\n watercraft subject to the security interest and no commitment to make an\n advance, incur an obligation, or otherwise give value secured by the\n watercraft; or\n\n 2. If the watercraft is consumer goods, 30 days after there is no obligation\n secured by the watercraft and no commitment to make an advance, incur an\n obligation, or otherwise give value secured by the watercraft.\n\nB. If a written certificate of title has been created and delivered to a secured\nparty and a termination statement is required under subsection A, the secured\nparty, not later than the date required by subsection A, shall deliver the\ncertificate to the debtor or to the Department with the statement. An owner,\nupon securing the release of any security interest upon a vessel shown upon the\ncertificate of title issued for the watercraft, may exhibit the documents\nevidencing the release, signed by the person or persons making such release, and\nthe certificate of title to the Department. If the certificate is lost, stolen,\nmutilated, destroyed, or is otherwise unavailable or illegible, the secured\nparty shall deliver with the statement, not later than the date required by\nsubsection A, an application for a replacement certificate meeting the\nrequirements of § 29.1-733.22.\n\nC. On delivery to the Department of a termination statement authorized by the\nsecured party, the security interest to which the statement relates ceases to be\nperfected. If the security interest to which the statement relates was indicated\non the certificate of title, the Department shall create a new certificate and\ndeliver the new certificate or a record evidencing an electronic certificate.\nThe Department shall maintain in its files the date and time of delivery to the\nDepartment of the statement.\n\nD. A secured party that fails to deliver a required termination statement is\nliable for any loss that the secured party had reason to know might result from\nits failure to comply and that could not reasonably have been prevented and for\nthe cost of an application for a certificate of title under § 29.1-733.7 or\n29.1-733.22.\n\nE. It shall constitute a Class 1 misdemeanor for a secured party who holds a\ncertificate of title to refuse or fail to surrender the certificate to the owner\nor his agent within 10 days after the security interest has been paid and\nsatisfied.\n\nHISTORY: 2013, c. 787.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}