[§200A-19] Transfer of ownership by secured party's transfer statement. (a) As used in this section, "secured party's transfer statement" means a record signed by the secured party of record stating:
(b) Unless the department rejects a secured party's transfer statement for a reason stated in section 200A-8(c), no later than twenty days after delivery to the department of the statement and payment of fees and taxes payable under the law of this State other than this chapter in connection with the statement or the acquisition or use of the vessel, the department shall:
(c) An application under subsection (a) or the creation of a certificate of title under subsection (b) shall not be by itself a disposition of the vessel and shall not by itself relieve the secured party of its duties under article 9 of chapter 490. [L 2018, c 46, pt of §1]