In order to identify the owner of a vessel, the CG-1270 code included in its paperwork is employed. The CG-1270 designation in vessel documentation is occasionally preceded by the phrase “beneficiary,” which you may have observed. This term implies that the listed individual or organization is merely operating in the capacity of a trustee for the vessel in question. If this is the case, you will not be able to claim ownership of the yacht.
The trustee is responsible for complying with all applicable laws regulating vessel ownership and any terms and restrictions included on your COD. You will not comply with state or federal law if someone else is listed as the owner on your documentation and you do not have evidence that they have transferred the title to you. This is true even if they serve as a trustee over your vessel. While complying with CG-1270 regulations may seem like an added burden, several key benefits to implementing these standards in your vessel documentation. Here are reasons why you should consider following CG-1270 guidelines:
Read more about vessel documentation at Maritime Documentation Center.