                                 CODE OF VIRGINIA

DEFINITIONS (§ 58.1-1401)

As used in this chapter, unless the context clearly shows otherwise, the term or
phrase:

&#8220;Dealer&#8221; means any watercraft dealer as defined in § 29.1-801.

&#8220;Gross receipts&#8221; means the amount received for the lease, charter,
or other use of any watercraft. The term shall include hourly rental,
maintenance, and all other charges for use of any watercraft and charges for
pilots crew, or other services, unless separately stated on the invoice. The
term shall also include the amount by which the price estimated under §
58.1-1403 exceeds the charge actually made.

&#8220;Sale&#8221; means any transfer of ownership or possession of a watercraft
by exchange or barter, conditional or otherwise, in any manner. The term shall
also include (i) a transaction whereby possession is transferred but title is
retained by the seller as security, (ii) any lease or rental for a period of
time substantially equal to the remaining life of the watercraft, and (iii) any
lease or rental requiring total payments by the lessee during the lease or
rental period which substantially equals the value of the watercraft. The term
shall not include a transfer of ownership or possession made to secure the
payment of an obligation.

&#8220;Sale price&#8221; means the total price paid for a watercraft and all
attachments thereon and accessories thereto, exclusive of any federal
manufacturer&#8217;s excise tax, without any allowance or deduction for
trade-ins or unpaid liens or encumbrances.

&#8220;Watercraft&#8221; means any vessel propelled by machinery whether or not
the machinery is the principal source of propulsion. The term shall also include
any sail-powered vessel which is in excess of eighteen feet in length measured
along the centerline. The term shall not include a seaplane on the water or a
watercraft which has a valid marine titling document issued by the United States
Coast Guard.

HISTORY: Code 1950, § 58-685.40; 1981, c. 405; 1984, cc. 418, 675; 1997, c.
877.