Legal Question in Business Law in California

Re: Registered Ownership vs Legal Ownership

Short of an actual and good faith sale of the boat to you, don't loan a dime, and get out of that boat as soon as you possibly can. My advice is never loan to a friend, and never loan unless you are in the business of it.

Re: Registered Ownership vs Legal Ownership

hi there back --- with all due respect i didn't answer your question, i don't know who you are and based upon this i think you need to see a real in person attorney immediatly so you can protect your rights and hear with you own ears their advice and recommendations -- good luck to you

Re: Registered Ownership vs Legal Ownership

Whether you wind up owning the boat, or being the lien holder, the method you would use to protect your interests depends on how large the boat is. Smaller boats are titled and registered with the Cal. DMV just like cars -- they have certificates of title or "pink slips" and changes in ownership or lien status are recorded in the DMV records. Larger vessels are "documented" with the U.S. Coast Guard. The answer to your question depends on how your boat/vessel is registered/documented.

See http://www.dmv.ca.gov/boatsinfo/boat.htm .

Re: Registered Ownership vs Legal Ownership

I would only add that you should decide whether you are a lender or a buyer and make certain that all the deal documents support your chosen interpretation. It's not a good idea to have a secured loan that looks like a sale or a sale that might be misconstrued as a mortgage. In either case you should determine whether the boat is free from prior liens.