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Author Topic: Liability Question  (Read 924 times)

August 05, 2011, 05:20:09 PM
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flounderpounder225

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Liability Question
« on: August 05, 2011, 05:20:09 PM »
We are selling the Pontoon boat to a friend, on a payment basis. My wife does not want to sign the title over until full payment is received. Registration is good until Jan 2012, If we have a basic written sales agreement, and let them have the boat to use, who is liable if something were to happen, say an accident where personal injury or property damage was involved. The vessel is FL registered, and we have no insurance on the boat.  To me something doesn't feel right, I would not sell a car to someone without signing it over and giving them proper ownership. Is there a way I can legally be the lein holder of the title, but allow them to register the boat? Thanks guys
Marc
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Marc
1997 245 Osprey, 250 HPDI.  SOLD
August 05, 2011, 05:27:51 PM
Reply #1

wingtime

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Re: Liability Question
« Reply #1 on: August 05, 2011, 05:27:51 PM »
Good question.

When you buy a car or boat the bank holds the tittle until you pay it off.  I would not give them a signed tittle since you would have little recourse if they default.  I'm sure a simple contract is available that will indemnify you of any liability.  I would include a clause requiring them to insure the boat.  Of course how good of a friend is the buyer?  :roll:
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August 05, 2011, 05:39:45 PM
Reply #2

slvrlng

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Re: Liability Question
« Reply #2 on: August 05, 2011, 05:39:45 PM »
I would think once they transfer the registration #s into their name you are no longer responsible. I would write a section in that until all payments are received he has to maintain at least some insurance. I'll ask Bridget when she gets home, she will know.
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Lewis
       1983 222 Osprey "Slipaway"
       1973 19-6 "Emily Lynn"
      
August 05, 2011, 07:34:07 PM
Reply #3

GoneFission

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Re: Liability Question
« Reply #3 on: August 05, 2011, 07:34:07 PM »
I'm not a lawyer, but I have caught some sharks!   :roll:

Anyway, you need a contract/lien on the boat, just like a bank would have.   Make up a bill of sale with the payment terms and the requirement that the new owner has insurance.  Both parties need to sign and get it notarized.  The new owner can take the bill of sale to their insurance agent and get insurance.  You can release the title when payment is complete.
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Cap'n John
1980 22-2 CCP
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"Gone Fission"
ClassicAquasport Member #209

August 05, 2011, 07:41:10 PM
Reply #4

flkeysaqua

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Re: Liability Question
« Reply #4 on: August 05, 2011, 07:41:10 PM »
Quote from: "GoneFission"
I'm not a lawyer, but I have caught some sharks!   :roll:

Anyway, you need a contract/lien on the boat, just like a bank would have.   Make up a bill of sale with the payment terms and the requirement that the new owner has insurance.  Both parties need to sign and get it notarized.  The new owner can take the bill of sale to their insurance agent and get insurance.  You can release the title when payment is complete.


That's sounds about right because if you keep the title in your name then I don't think they could insure a boat not in their name IMHO. So placing a lein on the title and signing it over with said clause would be the safeist bet.
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August 05, 2011, 07:47:36 PM
Reply #5

seabob4

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Re: Liability Question
« Reply #5 on: August 05, 2011, 07:47:36 PM »
Pretty much what's been said.  I mean, I can borrow a friends car, go out and get chitfaced, have a horrific accident, and my friend won't be liable for anything, unless he knew I was chitfaced when he lent it to me...

Marc, if he a friend of yours, and your position, I doubt you know any friends that would put you in the situation that you are considering...

Sometimes I think, as a society, we worry WAY the F too much...JMHO.
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Corner of 520 and A1A...
August 05, 2011, 08:24:28 PM
Reply #6

Mcdiver

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Re: Liability Question
« Reply #6 on: August 05, 2011, 08:24:28 PM »
ultimately, the owner is responsible for damages done with the vehicle.  that is why the finance companies require insurance.  that and to protect their investment.

I would sign as the lein holder and require insurance.  protect yourself.  even friends will screw you sometimes.

The path to hell is paved with good intentions.
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Mike
August 05, 2011, 08:49:58 PM
Reply #7

John Jones

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Re: Liability Question
« Reply #7 on: August 05, 2011, 08:49:58 PM »
Quote from: "Mcdiver"
The path to hell is paved with good intentions.

 :thumright:
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Politics have no relation to morals.
Niccolo Machiavelli
August 05, 2011, 10:36:40 PM
Reply #8

gran398

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Re: Liability Question
« Reply #8 on: August 05, 2011, 10:36:40 PM »
I don't know. Just because he's a friend doesn't mean circumstances can't change.

I heard a business-related lecture once and the bottom line was family and friends will/can take advantage more-so than the general public. Unfortunately, have experienced it.

If you want to help him out...at least go with John's advice and both parties meet at the notary.

If they have excuses/can't make it...forget it.
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August 05, 2011, 10:46:09 PM
Reply #9

MarshMarlowe196

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Re: Liability Question
« Reply #9 on: August 05, 2011, 10:46:09 PM »
He could always make payments to the bank instead of you...

I've never liked the idea of allowing anyone to make payments to me for a car or boat.  What if he missed some payments?  How would you approach it?  Repossessing your boat from a friend would be difficult and would almost assuredly end your friendship.

Your concerns are valid, and a friend should understand you being uncomfortable in a situation like this.  I would just ask him to pay in full up front, then everyone wins.
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Key West 1720 / Yam C90

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August 05, 2011, 10:57:22 PM
Reply #10

seabob4

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Re: Liability Question
« Reply #10 on: August 05, 2011, 10:57:22 PM »
Marc, seen your post over on THT, a lot of legal (and GOOD) types over there who, from years of reading some of their posts, actually give good advice...

So, that being said, how good of a "friend" is this friend?  How long have you known him?  What's your true gut opinion of him?  In other words, do you trust him to make good on his end of the bargain?
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Corner of 520 and A1A...
August 05, 2011, 11:56:40 PM
Reply #11

flounderpounder225

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Re: Liability Question
« Reply #11 on: August 05, 2011, 11:56:40 PM »
Quote from: "seabob4"
Marc, seen your post over on THT, a lot of legal (and GOOD) types over there who, from years of reading some of their posts, actually give good advice...

So, that being said, how good of a "friend" is this friend?  How long have you known him?  What's your true gut opinion of him?  In other words, do you trust him to make good on his end of the bargain?

Bob
Total trust on the payment end of things, just don't want to be hung out legally if something were to happen (accident wise), I know my experience and knowledge, but only trust a few others out on the big blue.
Thanks
Marc
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Marc
1997 245 Osprey, 250 HPDI.  SOLD
August 06, 2011, 10:30:34 AM
Reply #12

Mcdiver

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Re: Liability Question
« Reply #12 on: August 06, 2011, 10:30:34 AM »
bottom line, if the boat is in your name, and something happens, you can be sued.  Become a lein holder and cover your butt.
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Mike
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