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Posted by Hank on Thursday, August 20, 2009 at 16:45:46 :
In Reply to: Re: Did you actually transfer... posted by Paul (in NY) on Thursday, August 20, 2009 at 10:03:38 :
... a provision for recordation of a lienholder? If so, then you should use that. With other significant assets that don't have title documents, the proper weapon is a form UCC-1, which is typically recorded with the Secretary of State of your state. Boats are a problem here in Arizona, since they are regulated by our Game and Fish department which does not issue any title document, nor will they record any lienholder. Therefore everyone uses UCC-1s to secure liens on boats here.
Bottom line is: don't sell somebody something on credit without taking back a security interest in it.
H
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