(625 ILCS 45/3B-4)
(from Ch. 95 1/2, par. 313B-4)
Assignment by lienholder.
(a) A lienholder may assign, absolutely or otherwise, his security
interest in the watercraft 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
lienholder as the holder of the security interest and the lienholder
remains liable for any obligations as lienholder until the assignee is
named as lienholder on the certificate.
(b) The assignee may, but need not to perfect the assignment, have the
certificate of title endorsed or issued with the assignee named as lienholder,
upon delivering to the Department of Natural Resources the
certificate and an assignment by the lienholder named in the certificate in the
form the Department prescribes.
(Source: P.A. 89-445, eff. 2-7-96.)