for boats the owner holds title all you are doing is getting a sticker to allow you on pa water ways. a trailer is the same if the bank doesn't hold note on it you keep the title and just get a registration, just like your car. I used to do a lot of titles when i was in the RV business. And did a few titles for rebuilt hot rods, 4 x 4 vans, trailers, etc.
Source: http://www.paflyfish.com/modules/newbb/viewtopic.php?topic_id=17383&forum=3
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