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  #31  
Old 08-30-2013, 07:37 PM
kkkeating kkkeating is offline
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Originally Posted by liledgy View Post
Pull the motor, trans and interior, but the boat on blocks and buy the trailer from him. You could probably make a deal with the bank or the trustee.
This is the best idea so far! Most likely though is I'll show up at the boat and it'll all ready be done.
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  #32  
Old 08-30-2013, 07:47 PM
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Originally Posted by liledgy View Post
Pull the motor, trans and interior, but the boat on blocks and buy the trailer from him. You could probably make a deal with the bank or the trustee.
Finally somebody with real knowledge of the legal system speaks up!!
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  #33  
Old 08-30-2013, 08:47 PM
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gotjag941 gotjag941 is offline
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If he has a loan on the boat it's protected from bankruptcy laws as long as it is current as long as he is not wrapping that up into his bankruptcy having seen it happen many times from many different parties

If a BK is done properly with the right attorney you won't have any assets at risk of loss as I have a customer who kept a prevost motor coach, toter home & stacker trailer, 2 boats, an numerous other paid for toys
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  #34  
Old 09-01-2013, 10:49 AM
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Traxx822 Traxx822 is offline
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Numerous things bother me about this thread.
1. How does he possess a title if the bank still has loan on it. It would read the bank as the lien holder if he did have it.
2. Most banks have language in their loans that you can not sub let, fractional sale, or otherwise sell half interest in a boat that is actually owned by a bank. This could be a real problem for you so I would want to read the loan language immediately.
3. Bankruptcy usually can end up on the good side of things but if in bankruptcy I would doubt it is on the good side of things. Do you have your own access to the loan details so you can see for yourself if your 11k went to the boat or in his pocket.
4. You need a lawyer, As of next Tuesday, you need a lawyer.
5. Try to get this agreement to have some other type of colateral, such as an agreement that if the boat is lost in BK then he owes you the money back. (This is considering your money did not go towards the loan 100% like it should have)

Now I am assuming not all of your 11K+ went into the loan. My bet is your partner found a way to pay off some bills, and keep his boat. This is an assumption ... but if your money didn't go towards the boat and only towards a tally of your half then your money was stolen.

Last, I wish you the best of luck. And stand firm. You want full disclosure, an signed agreement (Or amendment to your existing agreement) that is the boat is lost to bankruptcy that the partner owes you your money back. and you also want proof of all payments made. Last get a good lawyer not related in any way to your partner.
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  #35  
Old 09-01-2013, 10:54 AM
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Traxx822 Traxx822 is offline
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I want to make this point just a bit clearer, If the loan your partner has on the boat specifically forbids fractional sale, sub letting, leasing, etc then your partner committed fraud.
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  #36  
Old 09-01-2013, 11:16 AM
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Quote:
Originally Posted by Traxx822 View Post
Numerous things bother me about this thread.
1. How does he possess a title if the bank still has loan on it. It would read the bank as the lien holder if he did have it.
2. Most banks have language in their loans that you can not sub let, fractional sale, or otherwise sell half interest in a boat that is actually owned by a bank. This could be a real problem for you so I would want to read the loan language immediately.
3. Bankruptcy usually can end up on the good side of things but if in bankruptcy I would doubt it is on the good side of things. Do you have your own access to the loan details so you can see for yourself if your 11k went to the boat or in his pocket.
4. You need a lawyer, As of next Tuesday, you need a lawyer.
5. Try to get this agreement to have some other type of colateral, such as an agreement that if the boat is lost in BK then he owes you the money back. (This is considering your money did not go towards the loan 100% like it should have)

Now I am assuming not all of your 11K+ went into the loan. My bet is your partner found a way to pay off some bills, and keep his boat. This is an assumption ... but if your money didn't go towards the boat and only towards a tally of your half then your money was stolen.

Last, I wish you the best of luck. And stand firm. You want full disclosure, an signed agreement (Or amendment to your existing agreement) that is the boat is lost to bankruptcy that the partner owes you your money back. and you also want proof of all payments made. Last get a good lawyer not related in any way to your partner.

Well stated!
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  #37  
Old 09-01-2013, 12:27 PM
liledgy liledgy is offline
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All, being a landlord, I've been taken advantage of a time or two (its been a long time thou). No first hand knowledge of what I suggested, but if you could get part of your investment (assets) back, I don't think their is anything wrong with it.
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  #38  
Old 09-01-2013, 04:38 PM
kkkeating kkkeating is offline
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I put the boat up for sale on Friday, and just received a valid offer this morning. If legit, then we should be able to close the transaction this week and get what’s owed to me back in my hands. The offer is good, a little higher that NADA recommends, so there should be no question about a fraudulent transaction. The intent is to get this all resolved before he files bankruptcy. Scheduled to see an attorney on Tuesday. All the posted information is great, it's helped out tremendously.
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  #39  
Old 09-01-2013, 09:07 PM
H2ORidr H2ORidr is offline
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Cranky Ape (www.crankyape.com) has a 2008? X2 that is in bankruptcy court. The beauty has been sitting in their office in Lake Elmo, MN since at least February when I first saw it. From what I learned doing some due diligence about the boat the BK trustee grabbed the boat first thing after the BK paperwork was filed. Key assets are seized first from what I was told.

I was poised to pounce on the X2 at CrankyApe when it came up for auction but I got tired of waiting and so I decided to go out on the market for one and I am glad I did. Don't look for the X2 on crankyape yet because it is not listed for auction. New items are added every Tuesday so watch carefully if anyone is interested.
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  #40  
Old 09-02-2013, 12:15 PM
Goinbroke Goinbroke is offline
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Simply come up with a price for your partners half. As low and as realistic as you both can agree to.
Document your entire relationship as best as you can. Buy him out. Then never get back into any kind of boat or other financial relationship with him again. Not because he went BK, because the court will watch you and if you start boating a lot together you will lose your boat and your money. The court will see that as some sort of shenanigans.
Do not stress to hard. Remember, it is totally legal for you to be partners in a boat. It is also everyones right to protect there equity and or investments.
Buying his half out is really your only option. If you let the boat become part of a BK you will have to get in line with everyone else and likely get pennies.

Keep it clean and simple.
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