a family trust loaned money to grandchild to purchase a boat with the trust as a lienholder. this person has gotten very deep in credit card debt and cannot pay the payments on the boat. it is mutually agreed for the trust to repo the boat. is there anything specifically needed to change registeration of the boat to the trust.
magikmyth
07-29-2005, 12:49 AM
a family trust loaned money to grandchild to purchase a boat with the trust as a lienholder. this person has gotten very deep in credit card debt and cannot pay the payments on the boat. it is mutually agreed for the trust to repo the boat. is there anything specifically needed to change registeration of the boat to the trust.
I would contact your local DNR "Department of Natural Resources" or wisit their web site.
I am not a lawyer, but I do have a boat. A security interest may be on file with DNR or what ever agency registers boats (usually DNR).
Thanks