It’s pretty easy to conclude that the FBI should have hired a towing company. That the car was wrecked proves the agent was incapable of driving it We all know that federal, state and local governments have broad powers to seize assets from drug dealers and other persons suspected of […]
Author: John Draneas
John practices law in the Portland, OR, suburb of Lake Oswego, where he focuses on tax and estate planning, business organizations and transactions, and representation of collector-car owners. He is a past president of the Oregon region of the Porsche Club of America and served as the chairman of the PCA’s 2006 parade. His collection includes two Porsches, a Ferrari, an Alfa, a Lotus, a BMW daily driver, a John Deere tractor — and one increasingly famous Jaguar E-type. This month’s “You Write, We Read” on p. 20 is full of SCMer advice on whether Draneas should restore his Jag.
“Stolen” Ferrari Saga Heads for Court
Police return Hallingby’s seized Ferrari; he files a $5 million lawsuit against magazines whose advertisements described it as stolen The December 2008 “Legal Files” reported that 1958 Ferrari 250 PF Cabriolet s/n 0799GT was seized by the Connecticut State Police from the garage of noted car collector and long-time SCMer […]
When “Matching Numbers” Don’t Add Up
The seller thought it was enough that the engine was the correct type, built the same time as the Camaro, and that its present number matched the VIN The market places a substantially higher value on “numbers matching” cars, especially in these challenging times. Collectors want the best. Here’s a […]
The Long-Distance Purchase and the Lawsuit
The court ruled the buyer had opportunities to inspect the car before buying it and to call the seller to ask about the car, and chose to do neither Suppose you have a not-so-nice collector car you want to sell for big bucks. Your best shot might be to list […]
Provenance As an Asset: A New Issue for the Taxman
We are addressing provenance created by the owner after a car’s acquisition, and whether the costs involved can be used to reduce the gain on the sale Many collectors are selling cars they have owned for several years, often for substantially more money than they paid for them. In many […]
Track Day Insurance
High Performance Driver Education coverage insures bad things don’t happen to good people (that’s you) during track days Here’s a man-bites-dog twist to track day crash liability concerns, resulting from a crash at a Dodge Viper Owners Invitational track event at Las Vegas Motor Speedway. Dodge sponsors such events periodically, […]
Nethercutt Slander Suit Fizzles
To rub salt in the wound, the appellate court rejected the Plaintiff’s arguments that he should get a new trial A few years ago, I was in Los Angeles for a professional conference and had a free day, so I visited the Nethercutt Museum in nearby Sylmar. The museum is […]
When Shipping Your Car Overseas Goes Bad
We were surprised to see that the Ferrari’s title had Rick’s signature forged on it, and the Italian shipping company was listed as the new owner. Dear “Legal Files”: My husband Rick and I, along with our friends, have encountered a bizarre set of circumstances with Shakespearean elements of trust […]
How to Avoid Sales Tax, Part II
A better alternative for Californians may be the use of a Montana business entity, because Montana would allow a legal, tax-free registration of the car The March 2009 “Legal Files” regarding sales tax triggered two helpful responses from attorneys, which suggested the need for a follow-up on this subject of […]
Pink Slips and Red Faces
Take due diligence steps to protect yourself, even though that interferes with the red mist that materializes when you find the collector car of your dreams Most states issue certificates of title for cars, often referred to as “pink slips” because of their color (in California, at least; other states […]