I'm looking at purchasing a 1999 28' Prototype from an individual. It is located in Tennessee and the owner tells me he has a "clear title". Problem is, state of TN doesn't issue titles on boats, so when I asked him for proof of no leins, I get faxed a copy of a UCC3 statement from the Dept. of State(TN) - showing termination of the statement file number. I also get a copy of an insurance certificate showing cancellation of the premium. Reason listed is a new policy was received.
Now, does this mean the boat is clear from any leins or just clear in the state of TN??I was told from another source to run a UCC11 search. -My lending institution has no idea what the heck that is.
Is this common in TN or am I just over cautious? Please help before I miss the deal of a lifetime.