Legal Question in Banking Law in Arizona
Boat sales
In AZ, we have the title to our boat with a lien on it. can we sell the boat without paying the lien in full? We owe 20k more than its worth.
Asked on 11/30/08, 2:35 pm
1 Answer from Attorneys
Warren Markowitz
Warren R. Markowitz, Esq
Re: Boat sales
There is nothing keeping you from selling the boat for less than you owe, but you will not be able to clear the title to transfer ownership without removing the lien.
The Lien is evidence that money was borrowed on or the boat was used to secure a loan in which money is owed. The Lien holder is not likely going to release itself from the property until it is paid in full.
Answered on 11/30/08, 8:53 pm
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