Good luck, You will need all of it
Athough I do like Randy, I would stay far,far ,far away from this company until this all pans out and someone flushes Bill out. If Bill is involved, someone will get burned for sure
Last edited by otis311; 02-07-2007 at 07:55 AM.
Good luck, You will need all of it
PERFORMANCE BOATS USA ! I know the owner of this company and his family for over 10 years and no way are any of the previously mentioned people involved. I also know that this business is only a very small part of the family empire and that no floor plan is in place or will ever be needed.
Abstract title search will produce the legal owner and lein holder. Yes, you are still responsible for the loan if your original lein isn't satisfied. If a major bank was holding the note (must be the case or you certainly would have heard before now) they have been involved already. If it's a local player you might have some ground to cover but something has been happening. No one will tell you anything without your own legal representation as the banks own the asset not you.
Get a lawyer and settle as fast as possible.
More Miami hustle...condolences.
I just got off the phone with Sy
My apologozies to PERFORMANCE BOATS USA
These people are long time customers of Sy's
I have the wrong business and meant no harm to these fine people
If Sy says they are standup people... They are standup people
Wow, I now see how a thread can go south real quick and hurt some innocint person or a business
Sy, Thanks for jumping in real quick and saving my ass
Not so, the bank(s) will have a lien on the boat. They don't become the owner until it is reposessed and gone through proper proceedures to have the title changed. The new owner may acutally own the boat, but it is subject to the lien of the first bank and probably the bank that loaned him/her money. By transfering title the origional owner probably triggered the "due on sale or transfer" clause in his note & security agreement. If the current owner pays off the original note I can't see any reason why he couldn't keep it as he bought in good faith. However he probably won't, he will look to void the transaction and then.......
I agree 100% with the last statement.
So is Sy saying that Randy Garciga is not involved with PERFORMANCE BOATS USA ?
A title with a lien placed on it cannot be conveyed unless the lien is removed.
If I buy a boat from you and pay you the full amount- and the bank you owe money to has a lien on the title, I cannot transfer that title into my name until the lien is discharged. Even though you have my money and the bank's money, and I have possession of the boat, it's still titled in your name and technically your boat until the bank discharges their lien. If they do so without receiving payment from you, that's their business. If I don't hold clear title, I can't sell it to another party- since I don't legally own it. I can give it to them and they can give me money in return but they still don't own the boat.
The big question is- how does the "owner" of a boat that they've had for over 2 1/2 years yet doesn''t hold title to register the craft?
This can't be for real.
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