Liens may also secure future advances on motorboats and other watercraft. A lienholder in possession of a certificate of title does not have to deliver the certificate of title and other related documents if the lien secures future advances. This act provides that the lienholder must execute a release of his lease once the lien is satisfied provided the owner waives any rights to future advances. The provision shall not eliminate the director's liability for any acts or omissions occurring before the effective date of the provision. Internal affairs includes matters of corporate governance, director and officer liability and financial structure.
Current law limits existence to a number of years.
Adds notice of winding up and publishing requirements for LLPs which is similar to that for LLCs. It proposes that all official filings be kept in the public records of the Division of Finance. This act allows banks and trust companies to establish one or more subsidiaries to offer products and services that a national bank may offer through a financial subsidiary. This act states that certain lending restrictions placed on banks and trust companies shall not apply to debts guaranteed or collateralized by the Student Loan Marketing Association, the Federal Home Loan Home Banks or the Federal Farm Credit Bank. This portion of the act has an emergency clause.