property question

[logansdad]

I was discharged this month, in the summer of 2008 i bought a pontoon boat and trailer for 7500 from a friend. I took out a loan but their was never a lien, in my state boats under 18ft require no title. The bank called asking for the property back, my question is this. What would happen if I said I sold it. wouldn't it be the same as credit card debt that gets charged off? The reason that I ask is it is located about 5 hrs away and I cant get to it until summer.

[justbroke]

Ask the Bank to produce the certificate of title indicating a lien. Otherwise, inform them that the debt was discharged in the bankruptcy. Don't... make up stories about selling it.

If it's in storage somewhere, and they have a valid lien, just tell them where it is. However, make sure that they actually produce a certificate of title with the recorded lien... OR... the chattel and UCC-1 form that was recorded. (Note that not all property is recorded via title, some are recorded via UCC-1.)

[newbie2]

If there wasn't a lien, how would the bank know that you borrowed the money to purchase a boat? Curious to hear what the bank says when you ask them to produce documentation.

[justbroke]

If there wasn't a lien, how would the bank know that you borrowed the money to purchase a boat? Curious to hear what the bank says when you ask them to produce documentation.

Sometimes there is a lien but it's recorded in the "secured transaction registry" which handles UCC-1s. This is especially important to remember since the poster's State doesn't require a title for boats under 18ft.

[logansdad]

well it turns out the repo guy showed up at the marina and snatched it. I have a lot of poles a fish finder and tackle box what do I do now?

[justbroke]

They will send it to your last known address. Hopefully, you updated them with your current address.