Who Gets the Car - or Boat?
|Written by John Draneas|
|Saturday, 31 July 2010 16:00|
Holding onto the certificate of title until you get paid is no legal protection. Once the buyer pays the broker, that certificate of title is worthless
The Oregon Court of Appeals recently decided a case of interest to car collectors. The case involved a 29-foot Sea Ray boat, but the legal principles apply equally to collector cars.
The boat's owner, a supervisor at a title and escrow company, kept the boat moored at a Portland marina. The marina was also the home of a yacht brokerage that used several rows of berths to moor its consigned inventory. The owner's son told the broker that his mother wanted to sell the boat, and he consigned it to the broker by signing a consignment agreement. The broker then moved the boat to one of its slips.