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From: Jim Mitchell (no email)
Date: Sun Jan 07 2001 - 13:44:39 EST
Yes, we will hold the federal document until the contract is fulfilled -
this is not really necessary, as federal law allows for a fairly clean and
easy Lien procedure which uses U.S. Marshalls for enforcement - folks that
no one <wants> to argue with.
So, for a documented vessel it may be easier and fairer to the buyer to
transfer the document to their name and file a Notice of Lien against the
vessel stating the amount of the contract and its terms, Then, if there are
no difficulties, the seller removes the lien at the end of the contract -
or, in difficult situations, notifies the USM office of the lien default and
requests that the vessel be seized for non-payment or failure to comply.
Please note that this applies only to federally documented vessels, not to
state titles which are quite different. Also, I'm not an Admiralty Lawyer -
Uncle Leon (may he rest in peace) was and made quite an impression on my
unformed mind - but this was long away and far ago so these are only
uneducated opinions.
Cheers
Jim
----- Original Message -----
From: <>
To: <>
Sent: Saturday, January 06, 2001 1:01 PM
Subject: Re: lv-ab: owner financing?
> Thanks Jim-
> Sounds like a win win deal for you. Question: Are you holding the title
until
> the balance is paid?
>
> Fred
>
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