The device of this invention includes a cleat disposed within a cavity formed by an exterior housing in a manner permitting the cleat to be moved between an extended position where the cleat is accessible to receive a boat line and a retracted position where the cleat is retracted into the cavity. The mechanism that allows the movement of the cleat between a retracted and extended position is within the cavity and includes a spring and a latching mechanism. The latching mechanism includes a latching member that pivotally moves within the latching mechanism between a latching position that holds the cleat in the retracted position and a release position where the latch memebr releases the cleat to the extended position under the influence of the spring. The latching mechanism allows for the cleat to be alternated between the extended and retracted position by successive depressions of the cleat into the cavity.