WILLIAM DONALD SCHAEFER, Governor Ch. 6

Every dealer shall maintain for [three] 3 years a record of any vessel [he] THE
DEALER bought, sold, [exchanged] EXCHANGED, or received for sale or exchange.
This record shall be open to inspection by Department representatives during
reasonable business hours.

8-720.

(a) If ownership of a vessel is transferred by operation of law, such as by
inheritance, order in bankruptcy, insolvency, replevin, or execution sale, the transferee,
within 30 days after [he] THE TRANSFEREE has acquired the right to possession of
the vessel by operation of law, shall mail or deliver to the Department satisfactory proof
of [his] THE TRANSFEREE'S ownership as the Department requires, together with
his application for a new certificate of title, and the required fee. A title tax is not
required on these transactions.

(b) If a [lien holder] LIENHOLDER repossesses a vessel by operation of law
and holds [it] THE VESSEL for resale, [he] THE LIENHOLDER shall secure a new
certificate of title but [he] THE LIENHOLDER is not required to pay the title tax but
shall pay the other required fees.

(a) In this [section] SECTION, "abandoned vessel" means any vessel THAT:

(1) [That is] IS left illegally or has remained without permission for more
than 30 days on public property, including public marinas, docks, or boatyards;

(2) [That has] HAS remained on private property, including private
marinas, [docks] DOCKS, or boatyards, for more than 180 days without the consent of
the owner or person in control of the property; or

(3) [That has] HAS been found adrift or unattended in or upon the waters
of the State, and is found in [such] A CONDITION OF disrepair as to constitute a
hazard or obstruction to the use of the waters of the State or presents a potential health
or environmental hazard.

(c) As soon as reasonably possible but not later than 15 days after [it] THE
DEPARTMENT takes an abandoned vessel into custody, the Department shall send a
notice, by certified mail, return receipt requested, bearing a postmark from the United
States Postal Service to the last known registered owner of the vessel and to each
secured party, as shown on the records of the Department.

(d) The notice shall:

(1) [describe] DESCRIBE the vessel[,];

(2) [give] GIVE the location where [it] THE VESSEL is being held[,];

(3) [inform] INFORM the owner and secured party of a right to reclaim
the vessel within 3 weeks upon payment to the Department of any expenses incurred

- 141 -