National Marine in ohio
02-07-2007, 09:34 AM
#31
Registered
Re: National Marine in ohio
Not so, you can title the boat or car, airplane, house or whatever, in your name. The lien however will continue to appear on the new title or court house records because it wasn't paid.
The bank's security agreement will have a "due on sale or transfer" clause because it doesn't want you to sell it without paying them off, but it can't stop you from selling the asset. It can however call the note due in full at that time because the prior owner violated a loan covanent and if not paid reposess the asset from the new owner.
Now no person of sound judgement would buy it without paying off the lien, unless they were able to assume the loan from the bank. But the bank can't keep you from transfering title of an asset, they can only enforce their lien if not paid.
02-07-2007, 10:38 AM
#33
Registered
Re: National Marine in ohio
well, I dont know for sure that Bill H. is involved with PERFORMANCEBOATSUSA.COM or not. The info I had on that is second hand, although from a very reputable and reliable source
But nobody can now dispute that Randy Garciga is involved with this company
www.register.com
type in PERFORMANCEBOATSUSA.COM and look at the registrantand the administrative contact and the technical contact
Randy Garciga
Things that make you go MMMMMMMMM
But nobody can now dispute that Randy Garciga is involved with this company
www.register.com
type in PERFORMANCEBOATSUSA.COM and look at the registrantand the administrative contact and the technical contact
Randy Garciga
Things that make you go MMMMMMMMM
02-07-2007, 10:41 AM
#34
Registered
Re: National Marine in ohio
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.
Sy, Can you explain this finding ??
02-07-2007, 10:46 AM
#35
Registered
02-07-2007, 10:52 AM
#37
Registered User
Re: National Marine in ohio
Not so, you can title the boat or car, airplane, house or whatever, in your name. The lien however will continue to appear on the new title or court house records because it wasn't paid.
The bank's security agreement will have a "due on sale or transfer" clause because it doesn't want you to sell it without paying them off, but it can't stop you from selling the asset. It can however call the note due in full at that time because the prior owner violated a loan covanent and if not paid reposess the asset from the new owner.
Now no person of sound judgement would buy it without paying off the lien, unless they were able to assume the loan from the bank. But the bank can't keep you from transfering title of an asset, they can only enforce their lien if not paid.
The bank's security agreement will have a "due on sale or transfer" clause because it doesn't want you to sell it without paying them off, but it can't stop you from selling the asset. It can however call the note due in full at that time because the prior owner violated a loan covanent and if not paid reposess the asset from the new owner.
Now no person of sound judgement would buy it without paying off the lien, unless they were able to assume the loan from the bank. But the bank can't keep you from transfering title of an asset, they can only enforce their lien if not paid.
Not in Ohio.
ORC 4505.08(A)
"...The clerk shall sign and affix the clerk's seal to the original certificate of title and, if there are no liens on the motor vehicle, shall deliver the certificate to the applicant or the selling dealer. If there are one or more liens on the motor vehicle, the certificate of title shall be delivered to the holder of the first lien or the selling dealer, who shall deliver the certificate of title to the holder of the first lien."
Real propery and vehicle titles are registered with the county, as are liens. If there's a lien, they will not convey the title without release. I've been on both sides of this issue- several times placing judgment liens on properties and once with a boat I bought- the seller forged a lien release on the title.
If the buyer showed up at National with his boat and a clear title looking to deal that's one story. If there was a lien marking on the title, Warren county would not have transferred it from National to the new owner. Duplicates don't work either- they're all numbered and bar-coded now. If they had a clear but bogus out-of-state title, it would have popped back- they return them to the state of origin. If it was counterfeit from another state, Ohio would have voided their title and either contacted the holder or if unable, contacted the Highway Patrol. If it had gone to a 3rd state, Ohio would have gotten their title back. When they discovered the bogus title, they would notify that 3rd state.
Maybe in the instance we're speaking of, the person didn't offer the boat as security- possibly they made the purchase on a home equity loan. The lender and/or original dealer could have screwed up as well. I purchased a new Ford in Detroit and took one of those zero-interest deals. The dealer sent me a clear Michigan title. I took it to my local title bureau and transferred it here. I still have it. I have a contractural security agreement, collateralized with the vehicle, with the lender- but they have no lien on my title. I'm essentially free to sell it.
If I skipped the last 30+ payments, they probably would have called me by now.
Last edited by Chris Sunkin; 02-07-2007 at 11:59 AM.
02-07-2007, 01:22 PM
#39
Registered User
