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  1. #1

    Default Debt Collections and Joint Property

    New York State

    Three years ago, I bought a boat with my friend. It is "jointly owned". He has recently defaulted on a bank load, and on a credit card, and is being sued. Is my half interest in the boat in jeapordy? Can the boat be seized by his creditors?

    Seafire-Sailing

  2. #2
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    Default Re: Debt Collections and Joint Property

    They would be able to pursue his share of the boat, and may be able to force a sale to get his half.

  3. #3

    Default Re: Debt Collections and Joint Property

    Quote Quoting Mr. Knowitall
    They would be able to pursue his share of the boat, and may be able to force a sale to get his half.
    Hmmm.... so essentially *I* am without rights in this situation. I could lose "fair use" of the boat.

    Seafire Sailing

  4. #4
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    Default Re: Debt Collections and Joint Property

    Your rights are respected, as are those of the creditors. Your friend, though, can't hide his assets from collection through joint ownership - it's his share they would pursue, not yours.

    The creditor isn't responsible for any regret you have in partnering with a deadbeat in the purchase of the boat.

  5. #5

    Default Re: Debt Collections and Joint Property PS

    Quote Quoting Mr. Knowitall
    They would be able to pursue his share of the boat, and may be able to force a sale to get his half.
    I even lose my right NOT to sell? Since it is jointly owned, we would both have to sell. No?

    Seafire Sailing

  6. #6
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    Default Re: Debt Collections and Joint Property PS

    Buy his share.

  7. #7

    Default Re: Debt Collections and Joint Property PS

    Seems the only thing to be done is for him to sell me his half for a dollar, and transfer the boat to my name.

    Seafire Sailing

  8. #8
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    Default Re: Debt Collections and Joint Property PS

    ... And run afoul of fraudulent conveyance laws, and perhaps even as a consequence give the creditor the ability to go after your share of the boat as well. How about fair market value.

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