Legal Question in Business Law in New York

Obviously, you are not a storage facility and are not obligated to hold onto their cars forever and always. But before you sell them, you should probably consult with a lawyer who can look into what your legal obligations are under that scenario. Perhaps someone who knows for certain will respond here but it is a very niche question, so I would not bank on that.

My concern is that these restoration jobs sometimes drag on for a long time, which makes me wonder at what point can you safely conclude that they were abandoned. Further, I assume you don't have title, which I think means that at best you can sell it at market value but with a refundable provision that title will be located and presented to the buyer at some fixed time or they get their money back. You can also donate the car or junk the car and both can accept the car by release without the title from what I understand.

I suggest consulting a lawyer if you have any concerns. If you would like to discuss further over a free phone consult, feel free to contact me anytime that is convenient.

Our firm is now referred by the American Bar Association (see under the New York section):

http://www.americanbar.org/groups/delivery_legal_services/resources/programs_to_help_those_with_moderate_income.html

Kind regards,

Frank

www.LanternLegal.com

866-871-8655

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DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.

Generally speaking,

It is not reasonable to store those cars indefinably..New York State has an entire section of the law dedicated to abandoned property and it offers excellent solutions.. For example, under certain circumstances you are permitted to sell the item, collect any moneys due, including cost of sale, and deposit the remainder with the state's attorney general. Typically the sale process also involves publishing a public notice, giving notice to the comptroller's office and conducting statutory due diligence regarding the abandoned property.

You should initiate the process as soon as possible as sometimes the notice with the comptroller's office needs to be posted for 12 months.

Consider consulting an attorney to find out which option is available for you. Please contact me directly for help in this matter..

Roman R. Fichman, Esq.

www.TheLegalists.com │ @TheLegalist

email: Info (@) TheLegalists (dot) com

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