I was told that here in TX, that the boat is liened running and with rigging, engines drives etc.. THat when the boat is not reposesed by the lender with all of those parts, it is the same as theft.

I don't know if that is absolutely true, I think legally it would come down to the exact language in the loan docs and the UCC lien recording. For example, if the loan docs or lien specified that the hull including its engine, all of its rigging, accessories, etc. (and listed each serial number) were to be included as security - or whether it just states the year, make, model and hull number. The real problem for the previous owner would be if he knowingly and willfully intended to criminally defraud the finance company. He's going to be civilly liable for the loan amount regardless.

A comparable example would be with a home, a contract for sale and purchase does not nor does a mortgage doesn't include appliances, stereo speaker systems, decorative lighting, cabinet handles, etc. - all the things people are removing from houses going into foreclosure. Those items are deemed personal property of the owner, not fixtures of the home. It all comes down to the fine print and intent.

Bidding has ended. Say's it sold for $30,200. Good luck to the new owner in getting it back on the water:drink:

Probably was the old owner:evilb:

This is the type of **** that makes Cigarette so hard to finance!


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