(a) A registered or legal owner of a vessel may release any interest in the vessel after the lien has arisen. The release shall be dated when signed and a copy shall be given at the time the release is signed to the person releasing the interest.
(b) The release shall be in at least 12-point type and shall contain all of the following information in simple, nontechnical language:
(1) A description of the vessel, including the make, the identification number, and the state of registration, to the extent available.
(2) The names and addresses of the registered and legal owners of record with the department, to the extent available.
(3) A statement of the amount of the lien and the facts which give rise to the lien.
(4) A statement that the person releasing the interest understands that (i) he or she has a legal right to a hearing in court prior to any sale of the vessel to satisfy the lien and (ii) he or she is giving up the right to appear to contest the claim of the lienholder.
(5) A statement that (i) the person releasing the interest gives up any interest he or she may have in the vessel and (ii) he or she is giving the lienholder permission to sell the vessel.
(c) The release required by this section shall be filed with the department in connection with any transfer of interest in a vessel following a lien sale.
(Repealed and added by Stats. 1982, Ch. 941, Sec. 2.)
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