oregondunes

That is if the lien on the titles were perfected. Then it could be Chucks bank if he defaults on the payments or doesn't transfer acceptable collateral to them.

Mastercraft240

Chuck says he told OCM of the lein, and the deal was when OCM released the payments to frisini he would release the lein....

Tinkerer

I think a few of the posters here are idiots and need to butt out.

FogduckerIII

Might be different "down south" but up here, if a bank has a "vehicle/boat" listed as collateral, ownership does not change until the loan is paid........

o2bafloat

[QUOTE=Chuck;3836196]Well, that all sounds good and I'm not making an accusation here but it sounds like you are Tim


Funny that is what I thought when the link was posted.. Could not figure the relevance other than to distract the discussion from the original issue.

And why would this guy such intimate details of your legal trouble.. Just wondering

smokin' gun

i know here where i live in nh we are a non title state on boats .i could have bought that boat from ocm with no title at all. just a bill of sale and registered it .it dosent mean for 1 minute im the rightfull owner of it .you all seem to be missing something here .is there any chance this boat has a ucc filed on it ???thats what they do in some states with no titles .i do know if you buy a boat from a person in nh and there is a few others .you get no title only an old reg .with that you go to your state and apply for title. i would be willing to bet somewhere on chucks loan app it states what he was buying and what the collateral is .the fact it slipped by on the title means nothing .think about it if chuck stops making payments is there nothing the bank can do .of course thay can i say they have every right to that boat .i believe chuck was doing a transfer of equity from 1 boat to the other. i know ive done it myself .very easy as long as the equity is the same or greater its a simple transfer of boat hin # witch chuck has stated many times he was going to do .the way i see it 2 things happend here .1 chucks boat sold quicker than expected .2 the new boat has taken way longer to complete .

Unlimited jd

cant see the difference between selling a boat, getting a check for 200k, paying off the note, then taking 200k out again towards a new boat or, the bank transfering collateral? doesnt seem that hard to understand to me

plumbers crack

Run the HIN and you could find the new owner in alot less time than it would take to read this thread.

4bus

except for the fact that the new boat doesn't exist, and the money is still owed on the boat that was sold, and not paid off.

I don't know how any of you can defend the fact that there is an owner out there of an NT that is not paid off, and he could lose the boat? How can you defend that? Point is that boat did not belong to OCM or Chuck, the bank owned it.

Can't sell your boat because no one is financing? Can't buy your new boat because bank is making it impossible? Think of stories like this.

That was a "loophole" and it was wrong. I know you are making the payments Chuck, but what if something happened tomorrow that did not allow you to make payments? Would that be fair to the bank or the new owner of the NT?

Do the right thing and pay that NT off yesterday, and acquire new financing when the new boat is completed. Or get a progression loan. You are holding someone else's boat hostage to secure your new boat.....and it is not working

Unlimited jd

I understand the new boat doesn't exist but at the time of the transaction it was "supposed to be" ready very soon