WILLIAM DONALD SCHAEFER, Governor Ch. 6

date of its creation, otherwise perfection shall be as of the time of its delivery and
payment.

[(3)] (D) Upon receipt of the certificate of title, application, and the
required filing fee, the Department shall endorse on the existing certificate of title or
on a new [certificate] CERTIFICATE, which [it] THE DEPARTMENT then issues,
the name and address of all secured parties[,] and mail or deliver the certificate of title
to the owner of the vessel.

(a) A secured party may assign, absolutely or otherwise, all or part of [his] THE
SECURED PARTY'S security interest in the vessel to a person other than the owner
without affecting the interest of the owner or the validity of the security interest, but
any person without notice of the assignment is protected in dealing with the secured
party as the holder of the security interest and the secured party remains liable for any
obligations as secured party until the assignee is named as secured party on the
certificate of title.

(b) The assignee shall deliver to the Department the certificate of title if
available and an assignment by the secured party named in the certificate of title in the
form the Department may prescribe accompanied by a filing fee as required for
perfection of the security interest under § 8-729 (b) OF THIS SUBTITLE. The
assignee's security interest is perfected as of the time of its creation if delivery and
payment to the Department are completed within [ten] 10 days of the date of its
creation [,]; otherwise, perfection is DETERMINED as of the time of its delivery and
payment.

8-732.

(a) Upon the satisfaction of a security interest in a [vessel] VESSEL, the
secured party shall release the security interest in whatever form as may be prescribed
by or acceptable to the Department, and within 15 days mail or deliver the signed and
dated release of security interest to the owner and a copy of the release to the
Department. The Department shall correct its records and, upon request of the owner
and the receipt by the Department of the certificate of title with the release of security
interest, the Department may issue a new certificate of title to the owner.

(b) If the Department determines after a hearing and following due notice to all
parties interested that an indebtedness does not constitute a security interest, [it] THE
DEPARTMENT shall release the indebtedness upon the certificate of title or issue a
new certificate of title, and mail or deliver the certificate of title to the owner. Any
person aggrieved by the decision of the Department may appeal in accordance with the
provisions of the Administrative Procedure Act.

8-733.

The Department shall adopt the necessary [rules and] regulations to implement
the provisions of §§ 8-729 through 8-732 OF THIS SUBTITLE.

8-734.

- 147 -