(625 ILCS 45/3B-5) (from Ch. 95 1/2, par. 313B-5)
Sec. 3B-5.
Release of security interest.
(a) Upon the satisfaction of a security interest in a watercraft for which
the certificate of title is in the possession of the lienholder, he shall,
within 10 days after demand and, in any event, within 30
days, execute a release of his security interest, and mail or deliver the
certificate and release to the next lienholder named therein, or, if none, to
the owner or any person who delivers to the lienholder an authorization from
the owner to receive the certificate. The owner, other than a dealer holding
the watercraft for resale, shall promptly cause the certificate and release
to be mailed or delivered to the Department of Natural Resources, which shall
release the lienholder's rights on the
certificate or issue a new certificate.
(b) Upon the satisfaction of a security interest in a watercraft for which
the certificate of title is in the possession of a prior lienholder, the
lienholder whose security interest is satisfied shall within 10 days
after demand and, in any event, within 30 days execute a release
and deliver the release to the owner or any person who delivers to the
lienholder an authorization from the owner to receive it. The lienholder in
possession of the certificate of title shall either deliver the certificate
to the owner, or the person authorized by him, for delivery to the
Department of Natural Resources, or, upon receipt of the
release, mail or
deliver the certificate and release to the Department,
which shall release the subordinate lienholder's rights on the
certificate or issue a new certificate.
(Source: P.A. 89-445, eff. 2-7-96.)
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