If my boat was repossed and sold for more than I owed, am I entitled too theprofit?

Get Legal Help Today

 Secured with SHA-256 Encryption

If my boat was repossed and sold for more than I owed, am I entitled too theprofit?

Asked on July 7, 2011 under Bankruptcy Law, Arizona

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

I would say that you would indeed be owed the money left over.  The bank has no legal right to keep the money that is received over and above the loan amount remaining on the boat.  If there were a deficiency on the sale - that they got less than you owed - you can guarantee that they would be coming after you for the money.  So I think that you need to go after them.  Contact them in writing and ask fr an accounting of the sale.  Once you receive it then you will know how to proceed.  Be aware that you may indeed have additional legal fees, etc.,  associated with the repossess and the sale to decrease the overage amount.  Good luck.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption