(1) An application for a certificate of title must be made at the same time when a vessel is registered for the first time as required under this chapter. (2) A person who purchases or otherwise obtains majority ownership of any vessel subject to this chapter shall, within fifteen days of purchase or obtainment, apply for a new certificate of title that shows the vessel's change of ownership. (3) This section does not apply to a vessel that has a valid marine document as a vessel of the United States.
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