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Old 05-03-2005, 09:27 AM
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Default Stuck with a stolen boat??

THIS SUCKS The boat I purchased last year through the boat trader (& have grown to love!) - the Fed's are saying they thinks it's stolen - and when they can prove it - they're taking it !! . I can't go into the details as it "still under investigation" . But I'm curious, if they do take it, I guess I'm still on the hook for making payments on a boat that I don't have anymore - or is there a way to get out from under the payments and keep a good credit standing?? Has this ever happend to anyone else - if so, what happend??

Any and all advice would greatly be appreciated.
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Old 05-03-2005, 09:37 AM
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Default Re: Stuck with a stolen boat??

SINK IT NOW AND GET HE INSURANCE MONEY!!!!

Just kidding, but seriously that sucks. Hope it works out for you.
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Old 05-03-2005, 09:39 AM
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Default Re: Stuck with a stolen boat??

That really SUCKS!

I would call the lending institution immediately and make an appointment to speak with someone in person. Bring all of the sales receipts, title, etc... Also bring the paperwork regarding the possible theft and seizure.

I would also contact your attorney because you may have to go after the person who sold you stolen goods.

Best of luck, I hope it works out okay,

Scott K.
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Old 05-03-2005, 09:49 AM
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Default RE: Stuck with a stolen boat??

Not good. I would for sure be in contact with boat trader to find out the name and location of the seller. And as posted, the lending institution. I would also contact a lawyer .
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Old 05-03-2005, 09:58 AM
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Default Re: Stuck with a stolen boat??

sink it....
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Old 05-03-2005, 10:04 AM
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Default Re: Stuck with a stolen boat??

Wow...sorry to hear about that sort of thing, it happens though. Try moving your post to "Perry's Pro Bone" page, you should get the best possible free legal advice there prior to retaining a lawyer. Good luck.
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Old 05-03-2005, 10:36 AM
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Default Re: Stuck with a stolen boat??

Did you receive a title when you purchased the boat ?
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Old 05-03-2005, 11:07 AM
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Default Re: Stuck with a stolen boat??


cuonawv,
if you will send me Pm with a phone number I will call you and see if I can help you out? I used to do Title Fraud investigations on Boats all the time as a State Law Enforcement Officer. With more details I can probably help.
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Old 05-03-2005, 11:28 AM
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Default Re: Stuck with a stolen boat??

Who the hell did you buy it from??!! Call Cracker. It sounds like he can help you out!
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Old 05-03-2005, 12:11 PM
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Default RE: Stuck with a stolen boat??

Reading your post made me dust off my old college Business Law text, circa 1982. Under section on Sales By Persons With Imperfect Title:

If the seller had a void title (which is actually no title at all) he couldn't transfer the boat to you. Best example, if the boat was stolen, the true owner has right to reclaim the boat from you. It doesn't matter if you acted honestly.

If the seller had a voided title (actually has title, but a third party has the right to void the title for some reason - the govenment?) Seller somehow got the goods from true owner via fraud. If this is the case, the true owner only has 10 days to reclaim the goods. If the seller had misrepresented his insolvency to the true owner within 3 months before delivery, 10 day limit doesn't apply.

But it appears that even if the seller had voidable title, he can still transfer boat to you if you were classified as a bona fide purchaser.

Bona fide purchaser is defined as a good faith purchaser of value. 2 requirements:

1. You must have acted in good faith (you did not know of the facts that would make the title voidable)

2. You must have given "value" for the boat (any consideration sufficient to support a contract). Had to have paid a fair value as an unreasonably small value could be viewed as bad faith on your part - i.e., if you paid $100 for a $50,000 boat.

The important decision that this rule of law is based on is Lane vs. Honeycutt, Court of Appeals N. Carolina, 188 S.E. 2nd 604 (1972)

So in a nutshell, if the boat was in fact stolen, you are SOL.

But if the title was just imperfect, i.e. gotten via fraud, you may have a case to retain the boat with good title. Defintely get yourself a lawyer. You may have a case. If you don't have title, the govenment needs to prove that it does.

All the best to you, man. A sucky situation for sure.

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Old 05-03-2005, 12:29 PM
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Default Re: Stuck with a stolen boat??

unfortunaltely you are SOL, in as, your only recourse is with the party you bought it from.

Real owner/police do not care. They may prosecute who ever stole it, but the original owner or insurance company get it back. I have an employee who unknowingly bought a stolen motercycle. He had to give it back and his only recourse was to sue the people he bought it from who in turn had to sue the people they bought it from.
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Old 05-03-2005, 12:49 PM
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Default Re: Stuck with a stolen boat??

Definitely get yourself a lawyer. You may have a case. If you don't have title, the government needs to prove that it does.

And two other points, if someone who is sinking financially, and there is a bank lien, or an IRS lien, and the boat is purchased with a paper bill of sale. You SOL....

If there was ever a time to hire a lawyer, its now. In some states let say you buy a $50,000. boat for $5,000.00 you can be in trouble.
A prudent man would have realized this was to good to be true.

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Old 05-03-2005, 12:55 PM
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Default Re: Stuck with a stolen boat??

"So in a nutshell, if the boat was in fact stolen, you are SOL. "

Hopefully the government can not prove its case because there ain't much that can be done if they do.

Good luck.
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Old 05-03-2005, 12:59 PM
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Default Re: Stuck with a stolen boat??

Gentlemen,
There is one big problem with this story...The Federal Govt does not work boat theft cases. Only state and local jurisdictions do. This is the first question I have? I have many? too many to list..I am very curious on this one personally. I dont doubt what the poster is saying I am just intregued.
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Old 05-03-2005, 01:18 PM
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Default Re: Stuck with a stolen boat??

Quote:
Cracker - 5/3/2005 1:59 PM
The Federal Govt does not work boat theft cases.
i was wondering about this myself....why would feds be involved unless the boat was owned and/or stolen by someone they were after?? were they working on the boat theft, or were they working on a bigger crime and the boat theft became part of it????

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Old 05-03-2005, 01:35 PM
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Default Re: Stuck with a stolen boat??

Cracker:
The Feds. still work cases that "involve interstate transportation of stolen goods". And as a former cop I also have a lot of question, but I am new here so I will just read "the rest of the story".
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Old 05-03-2005, 01:38 PM
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Default Re: Stuck with a stolen boat??

may be connected some way to drug deal,,,,,confiscated in drug bust??
Is this why Feds are involved, maybe they were close to confiscating and the guy sold before they got it, now they have a claim under drug forfeiture rules for property owned/used by drug dealers
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Old 05-03-2005, 01:47 PM
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Default Re: Stuck with a stolen boat??

Quote:
cclancer - 5/3/2005 1:35 PM

Cracker:
The Feds. still work cases that "involve interstate transportation of stolen goods". And as a former cop I also have a lot of question, but I am new here so I will just read "the rest of the story".
Yep....Its obvious, more to this than just a stolen boat
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Old 05-03-2005, 03:58 PM
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Default Re: Stuck with a stolen boat??

Definitely interesting...please keep us up to date.
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Old 05-03-2005, 05:54 PM
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Default Re: Stuck with a stolen boat??

Hope for a hurricane. Collect on the insurance. It worked for others...
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