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Registration of Aircraft in Oklahoma City
Here's a hypothetical for you. You are buying an aircraft from a person who is in financial trouble and creditors are lined up to collect. That means liens will probably be filed in Ok City. So you do a title search. On your own. And you find some liens and get them all paid, then file your bill of sale by mailing it to the FAA in Ok City. Could you have faxed it? In the meantime, more liens have come in, some by mail and some by fax. Some creditors have also sent liens by mail on the same day you mail your bill of sale, and because one or more creditors were closer to Ok City, their parcels got there first. Should you have used a title company like AOPA and paid them $200, since their agents have immediate access to the public documents in Ok City? The upshot of your purchase is that you took the aircraft subject to $25,000 in liens, making your investment a very poor one. You now have an aircraft worth $40,000 but you owe $25,000 more than the $35,000 you paid for it. You will have paid $60,000 for a $40,000 aircraft because of those shocking surprise liens. Poor you. You have no recourse against the seller because he is insolvent and judgment-proof. |
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On Mon, 10 Nov 2003 09:57:24 -0500, Larry Smith wrote:
You will have paid $60,000 for a $40,000 aircraft because of those shocking surprise liens. Poor you. You have no recourse against the seller because he is insolvent and judgment-proof. Sounds like you should have used lubricant Larry. I don't know how you did the title search, but if you did pay a private company other than AOPA to check things out you might be lucky and be able to recover damages, similar to how AOPA does it. If you just called around you're going to wish you had more lubricant to ease the pain. From my dealings with the FAA that want originals most of the time, but will sometimes take a fax. I've always had this theory that you shouldn't deal with people in the conditions you set out, very poor risk and subject to peril. |
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"Matthew P. Cummings" wrote in message news On Mon, 10 Nov 2003 09:57:24 -0500, Larry Smith wrote: You will have paid $60,000 for a $40,000 aircraft because of those shocking surprise liens. Poor you. You have no recourse against the seller because he is insolvent and judgment-proof. Sounds like you should have used lubricant Larry. No, I'm talking about YOU Cummings ---- You were bent over and .... I'm trying to clue others into how to avoid the excruciating reaming you got and to show that the FAA (a government agency) gives preferred treatment to the title search companies. |
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