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If a person sells a boat, and holds a short term Note on the boat, for 80 % of
the sale price of the boat, what happens, if the new owner takes the boat to a
boat yard and has a lot of work done on it, then,boat owner fails to pay the
Note? He defaults.But when the Note holder goes to get the boat, it has an
outstanding yard bill of, say $10,000. The Yard will not release the boat, and
puts a lien on the boat. Now the owner can not sell the boat without paying the
Lein.
QUESTION: How can the Seller/Note holder prevent this from happening? I'm not
sure what to put in the Note/Sale Agreement to protect from this happening?
Any ideas? Thanks
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