37-1229.

Motorboat; transfer, theft, recovery, destruction, or abandonment; notice to commission; certificate; terminated or declared invalid; when.

(1) The owner of any vessel shall furnish the commission notice of the transfer of all or any part of his interest, other than the creation of a security interest, in a vessel numbered in this state pursuant to sections 37-1214 to 37-1217 or of the theft, recovery, destruction, or abandonment of such vessel, within fifteen days thereof. Such transfer, theft, destruction, or abandonment shall terminate the certificate of number and number awarded for such vessel except that in the case of a transfer of a part interest which does not affect the owner's right to operate such vessel, such transfer shall not terminate the certificate of number and number awarded.

(2) The certificate of number shall be declared invalid when (a) the vessel is required to be documented, (b) the certificate of number was obtained falsely, (c) the necessary fees were not paid, or (d) the person whose name appears on the certificate involuntarily loses his interest in the numbered vessel by legal processes.