Section 75IAC5-2-10. Consignment sales

   (a) A consignor, who consigns a watercraft to a consignee to be offered for sale and sold by the consignee on behalf of the consignor to a third person, must either:

(1) provide the third person with a signed bill of sale or certificate of title correctly assigned; or

(2) provide the consignee with the certificate of title and either:

(A) a power of attorney to designate the consignee as the agent of the consignor; or

(B) a duly executed consignment agreement between the consignor and the consignee.

  (b) A consignment agreement under subsection (a) must include the following information:

(1) The name and current address of the following:

(A) The person who is identified on the certificate of title as the owner.

(B) The person who holds possession of the certificate of title.

(C) Any person who holds a lien on the title.

(D) The person to whom the watercraft was consigned for sale.

(2) A description of the watercraft, including the make, model, and hull identification number.

(3) A statement to show that the consignee has been appointed by the consignor as the agent to offer the watercraft for sale.

(4) Any sales condition which must be met by the consignee.

(Secretary of State; 75 IAC 5-2-10; filed Jun 7, 1993, 10:00 a.m.: 16 IR 2358; readopted filed Jul 30, 2001, 10:31 a.m.: 24 IR 4232; readopted filed Nov 14, 2007, 1:31 p.m.: 20071212-IR-140070562RFA; readopted filed Nov 13, 2013, 3:25 p.m.: 20131211-IR-075130451RFA) NOTE: Transferred from the Bureau of Motor Vehicles (140 IAC 9-3-10) to the Secretary of State (75 IAC 5-2-10) by P.L.106-2008, SECTION 54, effective July 1, 2008.