In this case, the seller does have first loss payable on the insurance. Dennis C. Touché 35-1 #83 Mandeville, LA
Sent from my iPhone On Mar 28, 2013, at 10:59 AM, "Randall Walford" <[email protected]> wrote: > A trawler - or any powerboat - is probably less likely to go far from home > than a sailboat given the costs involved. But the security of a mortgage > assumes the asset ( boat) is tied at the dock and will be easy to seize and > re-sell in the event of default. I wouldn't be so sure that is the case. > Heaven help you if the new owner ships out. Due diligence would require > looking at home ownership, jobs of borrowers, and taking collateral > security. Being a co-insured is not good enough - you need to have 'first > loss payable ' status on the insurance policy. > > In all cases return follows risk...there is a reason why the bank won't lend > the buyer the $. Getting 6% is little comfort if the security moves to South > America or heaven knows where... > > Randall E. Walford MBA LL.B., Esq > 2. Re: Selling your old boat ([email protected]) > > > > _______________________________________________ > This List is provided by the C&C Photo Album > http://www.cncphotoalbum.com > [email protected] _______________________________________________ This List is provided by the C&C Photo Album http://www.cncphotoalbum.com [email protected]
