registering lien on boat

[aprilmartin]

I have invested money with my boyfriend in a boat that is registered with the US Coast Guard with a Nevada address. Because I am a Canadian and he is an American we could onlyy register the boat in his name. In order to protect my investment we thought a lien registered with the Coast Guard might suffice. Will this fully protect me or are there other steps I need to take?

 

[Michael Wechsler]

I have invested money with my boyfriend in a boat that is registered with the US Coast Guard with a Nevada address. Because I am a Canadian and he is an American we could onlyy register the boat in his name. In order to protect my investment we thought a lien registered with the Coast Guard might suffice. Will this fully protect me or are there other steps I need to take?

You probably also want to have a loan agreement that specifies the details including your rights. A lien doesn't help you if you split up and he is in full possession of the boat with no rights. A lien also implies that your boyfriend is paying you a certain amount periodically for a loan and you have a security interest in the boat.