I do remember a C&C partnership where one of the partners disappeared to South America with the boat! The boat did eventually come back to Annapolis.
Joe Della Barba Coquina -----Original Message----- From: CnC-List [mailto:[email protected]] On Behalf Of Dennis C. Sent: Thursday, March 28, 2013 12:56 PM To: [email protected] Subject: Re: Stus-List CnC-List Digest, Vol 86, Issue 112 - Owner financing 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] _______________________________________________ This List is provided by the C&C Photo Album http://www.cncphotoalbum.com [email protected]
