District Of Columbia § 50-1541.15 - Termination statement.
Full text of District Of Columbia D.C. Code § 50-1541.15 — Termination statement., with citation guidance and answers to common questions.
§ 50-1541.15. Termination statement.
50-1541.15A secured party indicated in the files of the Harbor Master as having a security interest in a vessel shall deliver a termination statement to the Harbor Master and, on the debtor’s request, to the debtor, by the earlier of:
Twenty days after the secured party receives a signed demand from an owner for a termination statement and there is no obligation secured by the vessel subject to the security interest and no commitment to make an advance, incur an obligation, or otherwise give value secured by the vessel; or
If the vessel is consumer goods, 30 days after there is no obligation secured by the vessel and no commitment to make an advance, incur an obligation, or otherwise give value secured by the vessel.
If a written certificate of title has been created and delivered to a secured party and a termination statement is required under subsection (a) of this section, the secured party, not later than the date required by subsection (a) of this section, shall deliver the certificate of title to the debtor or to the Harbor Master with the statement. If the certificate of title is lost, stolen, mutilated, destroyed, or is otherwise unavailable or illegible, the secured party shall deliver with the statement, not later than the date required by subsection (a) of this section, an application for a replacement certificate of title meeting the requirements of .
On delivery to the Harbor Master of a termination statement authorized by the secured party, the security interest to which the statement relates shall cease to be perfected. If the security interest to which the statement relates was indicated on the certificate of title, the Harbor Master shall create a new certificate of title and deliver the new certificate of title or a record evidencing an electronic certificate of title. The Harbor Master shall maintain in its files the date and time of delivery to the Harbor Master of the statement.
A secured party that fails to comply with this section is liable for any loss that the secured party had reason to know might result from its failure to comply and that could not reasonably have been prevented and for the cost of an application for a certificate of title under or .
Annotations
Source: official District Of Columbia text · Last verified 2026-08-27
Frequently Asked Questions About District Of Columbia § 50-1541.15
What does D.C. Code § 50-1541.15 cover?
Section 50-1541.15 ("Termination statement.") is part of the D.C. Code, the codified statutory law of District Of Columbia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite District Of Columbia § 50-1541.15?
A common citation format is "D.C. Code § 50-1541.15" (District Of Columbia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of District Of Columbia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the District Of Columbia official source linked on this page or consult a licensed District Of Columbia attorney.
How does District Of Columbia § 50-1541.15 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in District Of Columbia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in District Of Columbia.