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CT SB01062
Bill
AI Summary
- Reduces the waiting period for vessel lien sales from 60 days to 30 days after filing notice with the Secretary of the State
- Lienor must send certified mail copies of the lien notice to the vessel owner and any parties with filed legal or equitable interests within seven days of filing
- Vessel owner or interested parties may petition Superior Court within 30 days to dissolve the lien by substituting a bond with sufficient surety
- Lienor may conduct public auction sale after the 30-day period, with required newspaper publication three times and written notice to prior and subsequent security interest holders
- Sale proceeds are distributed first to satisfy prior security interests, then the vessel lien, then subsequent security interests, with remainder paid to the record owner or escheated to the state if unclaimed after one year
- Effective October 1, 2011
Legislative Description
An Act Reducing The Waiting Period Under The Vessel Lien Process.
Last Action
Signed by the Governor
7/13/2011
Committee Referrals
Judiciary4/21/2011
Transportation2/23/2011
Full Bill Text
No bill text available