If a security interest in any motorboat numbered under this chapter is satisfied, cancelled or released by the registered owner and legal owner of such motorboat, and within a period of 10 days a new security interest covering the vessel is executed between the same parties, no application for transfer of ownership shall be made, no new certificate of ownership or certificate of number shall be issued, and all provisions of this chapter relating to transfers of any title or interest in a motorboat shall be deemed to have been fully complied with.
(Added to NRS by 1971, 1377)
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