Legal Question in Credit and Debt Law in Tennessee

Auctioning of Yacht

I have a yacht in my name and owe 100,000.00 dollars on it. Myself and a friend went in together and bought it. His name is mentioned no where he pays me his part each month. He moved the yacht a year ago to another marina. I never checked on the boat just asked him about it. He said it was fine. 8 months went by and I called about the yacht. The marina advised me it had been auctioned for money owed on the slip. (aprx 1,500.00)in storage fees with additional $4000.00 to an attorney for trying to locate the owner. Which wasn't done. I was never contacted by the marina. The Yacht (hull number) shows to be documented in my name. The coast gaurd sends the documentation renewal each year to my address. I know it's on file. That being said, Shouldn't I have been notified before any type auction could take place? I have never missed a payment, I am in great standing with the bank.


Asked on 11/07/08, 3:33 pm

1 Answer from Attorneys
Robin Gordon Gordon Law Group, PLC

Re: Auctioning of Yacht

generally auctions must give notice and be sold under a commercially reasonable standard - sometimes publication in a newspaper for several weeks is used for notice. Additional research would be needed to see if all applicable rules were followed.

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Answered on 11/21/08, 6:28 pm


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