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Boat title question? HELP!

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Old 02-20-2007, 07:27 PM
  #31
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Originally Posted by TexomaPowerboater View Post
I disagree. You are a buyer in the ordinary course of business. So it does not really matter if there is a lien on it or not. If the seller represented that there is no lien and he gives you a bill of sale. You should be able to get a new title free and clear. If the seller lies and ends up having a lien. The bank will be coming after the seller not the buyer in the ordinary course of business. The seller will be held liable for his lien because he will get the money to pay it off in the eyes of the bank. The bank is not going to come after someone whom they have no real information about, or even know how to get a hold of (buyer). The buyer in the ordinary course of business is protected. This is UCC 101 (uniform commercial code) if you want to do the research
Sorry, you couldn't be more wrong. Ask a few of the buyers of boats from National Marine if the banks came and enforced liens they knew nothing about.

You are correct that the bank is not able to come after the "new" owner for money but they sure as heck can enforce their lien and reposess or replevin the boat, car, airplane or whatever they have an unsatisfied and perfected lien on.
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Old 02-20-2007, 07:41 PM
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Originally Posted by TexomaPowerboater View Post
I disagree. You are a buyer in the ordinary course of business. So it does not really matter if there is a lien on it or not. If the seller represented that there is no lien and he gives you a bill of sale. You should be able to get a new title free and clear. If the seller lies and ends up having a lien. The bank will be coming after the seller not the buyer in the ordinary course of business. The seller will be held liable for his lien because he will get the money to pay it off in the eyes of the bank. The bank is not going to come after someone whom they have no real information about, or even know how to get a hold of (buyer). The buyer in the ordinary course of business is protected. This is UCC 101 (uniform commercial code) if you want to do the research
NOT necessarily true............I've seen this happen before and the "leinholder" came after the current owner in possesion of the said property for the property (not the money) Either way...the person who now "owns" the boat can get screwed. I agree with Von Bongo.

I think it's a big can of worms. Tell the seller to clear it all up then gice you a call...or find another boat.

Last edited by Semper Fi; 02-20-2007 at 07:44 PM.
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