Documentation Question
#1
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Documentation Question
I bought a boat, financed it, applied for documentation w/ coast guard, used a doc service. They contacted my bank and the bank refused to cooperate w/ the doc service. Doc service sent a letter stating that they (the bank) needed to be listed as lien holder, the bank never acted and now I have a coast guard "title" that has no lien holder on it.
If I were a dishonest person, I guess I sell the boat and pocket the cash huh?
If I were a dishonest person, I guess I sell the boat and pocket the cash huh?
#2
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Re: Documentation Question
Originally Posted by JasonSmith
I bought a boat, financed it, applied for documentation w/ coast guard, used a doc service. They contacted my bank and the bank refused to cooperate w/ the doc service. Doc service sent a letter stating that they (the bank) needed to be listed as lien holder, the bank never acted and now I have a coast guard "title" that has no lien holder on it.
If I were a dishonest person, I guess I sell the boat and pocket the cash huh?
If I were a dishonest person, I guess I sell the boat and pocket the cash huh?
#7
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Re: Documentation Question
yes it will make it easier to sell the boat...but you still have a contract with the bank...that would gt ugly, and I'm quite sure illegal...
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Re: Documentation Question
Originally Posted by offshoredrillin
yes it will make it easier to sell the boat...but you still have a contract with the bank...that would gt ugly, and I'm quite sure illegal...
Last edited by jpclear; 11-26-2005 at 02:13 PM.
#10
Re: Documentation Question
If you have a documented vessel with the coast guard the bank does not supposed to have the lien on title. You should have what is called a preferred maritime mortgage. The coast guard will have to release the mortage before you can sell the boat. This is what you agreed to when you had the boat documented. Remember the coast guard is a branch of the federal goverment & they don't play. Make sure you have all the paper work the coast guard should have sent you, plus they will send you a form once a year to verify you still have the boat & that your still using the same name & port. Are you sure your boat is documented ?