[§200A-20] Transfer by operation of law. (a) As used in this section:
"By operation of law" means pursuant to a law or judicial order affecting ownership of a vessel:
"Transfer by law statement" means a record signed by a transferee stating that by operation of law the transferee has acquired or has the right to acquire an ownership interest in a vessel.
(b) A transfer by law statement shall contain:
(c) Unless the department rejects a transfer by law statement for a reason stated in section 200A-8(c) or because the statement does not include documentation satisfactory to the department as to the transferee's ownership interest or right to acquire the ownership interest, 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 with the acquisition or use of the vessel, the department shall:
(d) This section shall not apply to a transfer of an interest in a vessel by a secured party under part 6, article 9 of chapter 490. [L 2018, c 46, pt of §1]