AI-assisted research summary: This section lets the director transfer an unclaimed watercraft to the towing company if the watercraft is not reported stolen and the article’s requirements are met.
5-399.02 - Unclaimed watercraft; transfer of ownership; violation; classification 5-399.02. Unclaimed watercraft; transfer of ownership; violation; classification A. If a watercraft remains unclaimed at the expiration of the deadlines prescribed in section 5-399.01, subsections B and C, the director shall make an inquiry to determine if the watercraft is stolen. On receiving notice that the watercraft has not been reported stolen, the director may transfer ownership of the watercraft to the towing company free and clear of all liens or encumbrances on compliance with this article. B. An application for transfer of ownership shall be completed and signed by the towing company or authorized agent of the towing company and shall contain a certified statement that includes the following: 1. As of the date of application, no person has presented proof of ownership or proof of interest in the watercraft and entered into an agreement for the release or return of the watercraft. 2. The towing company is currently in possession of the watercraft. C. This state and its agencies, employees and agents are not liable for relying in good faith on the contents of the reports or affidavits as prescribed by this article. D. If a towing company complies with this article, the towing company in possession of a watercraft is not liable for obtaining a transfer of ownership of the watercraft. E. A towing company that obtains watercraft pursuant to this article shall maintain records of all of the following: 1. The request made pursuant to section 5-324. 2. The notification provided pursuant to section 5-399. 3. The application for transfer of ownership pursuant to this section. 4. Any documents pertaining to ownership transfer of abandoned watercraft that the director deems necessary. F. A towing company shall maintain the records prescribed by subsection E of this section for three years from the date the ownership of the watercraft is transferred. The records may be audited by any law enforcement officer or employee of the department during normal business hours. G. A tower who fails to maintain records as prescribed in this section is guilty of a class 2 misdemeanor.