MARVIN MANDEL, Governor                                 1153

(K) "SECURITY INTEREST" MEANS AN INTEREST WHICH
IS RESERVED OR CREATED BY AN AGREEMENT WHICH SECURES
PAYMENT OR PERFORMANCE OF AN OBLIGATION AND IS VALID
AGAINST THIRD PARTIES GENERALLY.

REVISOR'S NOTE: This subsection presently appears
as Article 14B, section 1(g) of the Code.
The only changes made are in style.

(L) "SHIP LIFEBOAT" MEANS A LIFEBOAT USED
SOLELY FOR LIFESAVING PURPOSES. THIS TERM DOES NOT
INCLUDE DINGHIES, TENDERS, SPEEDBOATS, OR OTHER TYPES
OF CRAFT CARRIED ABOARD A VESSEL AND USED FOR OTHER
THAN LIFESAVING PURPOSES.

REVISOR'S NOTE: This subsection presently appears
as Article 14B, section 1(m) of the Code.
The only changes made are in style.

(M) "STATE OF PRINCIPAL USE" MEANS THE STATE ON
WHOSE WATERS A VESSEL IS USED OR TO BE USED MOST
DURING A CALENDAR YEAR.

REVISOR'S NOTE: This subsection is new. It is
required by the Federal Boat Safety Act of
1971 and implementing regulations. The new
definition and other provisions of the
Federal Act eliminate the 90 day
reciprocation presently given numbered
vessels from other states.

(N) "USE" MEANS TO OPERATE, NAVIGATE, OR EMPLOY
A VESSEL. A VESSEL IS IN USE WHENEVER IT IS UPON THE
WATER.

REVISOR'S NOTE: This subsection, which presently
appears as Article 14B, section 1(n) of the
Code, now incorporates both the present
definition of "use" and the definition
included in the Federal Boat Safety Act of
1971. The only other changes made are in
style.

(0) "VESSEL" MEANS EVERY DESCRIPTION OF
WATERCRAFT, OTHER THAN A SEAPLANE, USED OR CAPABLE OF
BEING USED AS A MEANS OF TRANSPORTATION ON WATER OR
ICE. ICE BOATS ARE REGARDED AS WATERCRAFT. THE TERM
INCLUDES THE VESSEL'S MOTOR, SPARS, SAILS, AND
ACCESSORIES.

REVISOR'S NOTE: This subsection presently appears