Md. Code Regs. 08.04.10.05

Current through Register Vol. 51, No. 12, June 14, 2024

Section 08.04.10.05 - Abandoned Vessel Title

A. An application for abandoned vessel title under Natural Resources Article, § 8-721 et seq., Annotated Code of Maryland, shall include:

(1) Vessel identification;

(2) Evidence of published notice;

(3) Evidence of owner and lienholder notification; and

(4) Any other documentation required by the Department.

B. Vessel excise tax will be assessed on the fair market value of the vessel as shown in a national publication of used vessel values adopted by the Department.

C. A marina may submit a single abandoned boat application for multiple vessels when;

(1) The marina was purchased not more than 12 months prior to application;

(2) Vessels remained on marina property at the time of property transfer without associated ownership and payment records; and

(3) The contract of sale did not include assumption of accounts receivable.

D. Vessel excise tax shall be assessed on the fair market value of the vessel as shown in a national publication of used vessel values adopted by the Department.

E. Valuation may be adjusted at the Department's discretion based on the physical condition of the vessel.

Md. Code Regs. 08.04.10.05