Clear Title

HappyKamper

HappyKamper

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I'm in the process of selling and purchasing a boat. I'm selling a 2005 Formula 37PC and purchasing a 2004 Formula 40PC.
The boat I'm purchasing is from a friend of mine. He has a NYS title with 2 listed liens. One lien is listed as
"Manufacturers and Traders Trust Co." and 2nd lien listed as " M & T Bank". The owner states that there was 1 loan and it has been satisfied.
He sent me a copy of the satisfaction letter. He does not know why they listed the same loan twice?
How do I know if all liens have been satisfied? He is a trust worthy friend. I'm trusting but verify.
Thank you to brain trust of BoaterEd
 
It sounds like one is the parent company of the other with both listed as a CYA. My thought would be to contact the entity listed on the satisfaction letter to see what they have to say. Depending on how long ago the lien was satisfied it may take several weeks to get something from the second lien holder.
Different situation but I misplaced (lost) the satisfaction letter on a vehicle which I sold years later. The bank that held the lien had been sold twice so it was quite an effort to backtrack old records to get a letter from the current bank. Good luck but I don't think it will be a big deal to get it squared away. Just a little time on the phone.

Edit: A quick search shows "M and TTC" does business as "M & T Bank" so this may be easier than I suggested.
 
My wife spent 2 hours on the phone with the bank, only to be told, they cant say anything because of privacy.
 
Could your buddy just get a new title with the leans cleared? I was looking at about a while ago and the broker had it "on hold" because it had an old lein still on the title. Since the bank changed hands, they couldn't get it cleared. Owner had to find someone who would buy the boat on good faith that the lien was settled. Not a good spot to be in.
 
If the loan is paid off, he needs to clear the title and produce a clear one. Surprised the boat isn’t documented since it was financed and seems big enough.

I went thru this with a car I sold years ago. The loan was paid off but the bank had been purchased and it took months to clear the mess.
 
I think the current owner is the one who will need to work this out with the bank. I can understand why they wouldn't discuss with you/your wife.
 
How long would it take for him to get clear title? Assuming it’s just a matter printing the title less the lien . We are mid season and I would not like to lose time.
 
HappyKamper said:
How long would it take for him to get clear title? Assuming it’s just a matter printing the title less the lien . We are mid season and I would not like to lose time.
Click to expand...
That's probably a function of the issuing agency he'll have to deal with.
 
I had a similar issue with a car I was selling in NY state. I contacted the bank and they re-sent the letter saying the loan was paid and the title was clear. While I was waiting for that, a friend suggested going to the DMV website and looking at the title, it might be clear as payoff notices are automated and sent to DMV. Sure enough, it was! I requested a replacement title and it came days later sans lien. You might want to try that route....hope you get lucky.
 
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