MARVIN MANDEL, Governor                                       1175

(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 HAS ACQUIRED
THE RIGHT TO POSSESSION OF THE VESSEL BY OPERATION OF
LAW, SHALL MAIL OR DELIVER TO THE DEPARTMENT
SATISFACTORY PROOF OF HIS 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.

(E) IF A LIEN HOLDER REPOSSESSES A VESSEL BY
OPERATION OF LAW AND HOLDS IT FOR RESALE, HE SHALL
SECURE A NEW CERTIFICATE OF TITLE BUT HE IS NOT
REQUIRED TO PAY THE TITLE TAX BUT SHALL PAY THE OTHER
REQUIRED FEES.

REVISOR'S NOTE: This section presently appears as
Article 14B, section 4K(a) and (b) of the
Code, as amended by Chapter 826, H.B. 989,
Acts of 1973. The only changes made are in
style.

8-721. DISCHARGE OF LIEN TO BE INDICATED ON
CERTIFICATE OF TITLE.

WHEN A LIEN IS DISCHARGED, THE LIEN HOLDER SHALL
NOTE THE DISCHARGE ON THE FACE OF THE CERTIFICATE OF
TITLE OVER HIS SIGNATURE, AND WITHIN 15 DAYS MAIL OR
DELIVER IT TO THE DEPARTMENT. THE DEPARTMENT SHALL
CORRECT ITS RECORDS AND FORWARD THE CERTIFICATE OF
TITLE TO THE OWNER.

REVISOR'S NOTE: This section presently appears as
Article 14B, section 4L of the Code. The
only changes made are in style.

8-722. ACQUIRING TITLE TO ABANDONED VESSEL.

(A)    APPLICATION OF SECTION. - THIS SECTION
APPLIES ONLY TO VESSELS APPARENTLY ABANDONED FOR OVER
SIX MONTHS.

REVISOR'S NOTE: This subsection presently appears
as Article 14B, section 4P(b) of the Code.
The only changes made are in style.

(B)    LANDOWNER, LESSEE OR AGENT. - A LANDOWNER,
HIS LESSEE, OR HIS AGENT, SUBJECT TO THE PROVISIONS OF
THIS SECTION, MAY ACQUIRE TITLE TO ANY VESSEL
APPARENTLY ABANDONED ON HIS LAND OR THE WATER