All most there.

[Seapig100]

Survey was completed this morning the boat ran perfect. She is slow by todays standards she only made 20 knots. This is fine for what our plans are though. The surveyor said he was impressed with her overall condition and that it will be one of the shortest to do list he has had on a boat this old. I was prepared to close this week but we discovered a problem with the paperwork.The coast guard shows the boat still has a loan on her. The loan was satisfied back in 1996 and was never recorded with the coast guard. The owner has proof of the note being paid but the coast guard wants it from the bank. The bank that held the original loan is long gone having merged with a Massachusetts bank called Shamut. Shamut then merged with fleet which then merged with bank Boston which then merged with Bank of America. Having some experience with Bank of America I suspect this could take a while to sort out. With any luck I will sign papers right around the end of the Massachusetts boating season. Then again maybe the stars will align and it will be resolved shortly.

[captddis]

It aint fun! I went through the same problem.

I paid for the boat cash and watched them use my money to pay off Chase Manhatten. I got the release of lien. When I went to document the boat the CG said there was a lien. The release was from Chase Manhatten leasing and sales not Chase Manhatten.

Try to get a big bant to talk to you if you don't have an account ???

I did get some one to write a release on the lien with the same name as the other. They did send the release to the old owner in VA and they sent it to me.

[krush]

Did you get the abstract of USCG website ($25 I think?). Did the lien (usually listed as mortgage) show up on there?

Once you get the paperwork, you will have to ask the USCG for priority handling...otherwise it will take 4+ months.

Does the owner have the original satisfaction of loan letter? If that is what he is showing the USCG, seems strange they won't accept it. Or, the USCG could call the bank and check, but heaven forbid they actually be helpful!

[SEVEN]

Congratulations, the time will pass slowly until she's yours. Once you get her the time will fly quickly. Have a great boating season. Post your photos.

[Brewskis]

I think Shawmut merged with Bay Bank before they were acquired by Fleet. Sorry there may be yet another bank in the mix.

Anyway, Marie Hayward who is with NEW ENGLAND MARINE DOCUMENTATION in Winchester MA is great, give her a call. She has done the paperwork on my boats. Each of them has had a similar situation to yours, the last one had liens by the US Marshalls. She has contacts at the Coast Guard and got me results in a day or two. I felt her fees were very reasonable.

All the best,

David

[jim rosenthal]

I had the same problem with my Hatteras, when I wanted to put her back in documentation. Old loan, paid off, never removed from documentation abstract, I guess it's called.

After many polite conversations which accomplished very little, I finally told them I planned to show up in person with a lawyer and a Federal marshal. At that point they took me seriously and things got cleared up. The CG part took longer.

[Seapig100]

The paper work is still not settled, but Monday night I slept on the boat and the owner met me Tuesday morning at 7:30 a.m. He spent 5 hours with me going over all the systems and then we took her out for a few hours and I got a good feel for how she handles. Stan the owner was very gracious and helpful in putting me at ease for the trip north. The boat has been made ready just need the paper work fixed.

[SEVEN]

It's getting exciting.

[Seapig100]

Yes it is.

[Seapig100]

A couple pictures I took yesterday.