There is obviously some confusion in the sales data on this boat. The data clearly states that the boat has "new" DD 8-71Ns. As has been observed above, that does not appear to be the case--as the engines do not appear to be new and Chris states they're 92s. There is probably a simple reason for the inaccuracies and wrong information.
For whatever its worth, having represented a bunch of banks in my 26 years of practicing law, I can say that it is HIGHLY unlikely that the bank's loan officer or recovery person in charge of this liquidation knows anything much about what they've got here. And it is not unusual for banks, particularly, to have missplaced notions about what their collateral is worth, etc. They may have had a surveyor on the boat or then again, they may not have. Whether they did or didn't most likely will depend on what the outstanding balance is on the PO's note and what the provisions of the note provide about the bank recovering its liquidation expenses, etc., and whether the PO or his estate is good for the money. In other words, no bank generally wants to put good money after bad unless there is a really good chance of getting it back.
The sales information indicates that the vessel is documented, so there may or may not be UCC records in Tallahassee which contain what the bank is owed on this. If the lien holder is a National Bank, the OCC requires the bank to inspect its collateral at least every 3 years and document its value in their file, but this can be sketchy at best at times. Most likely, the bank is simply repeating in a parrot like manner what it has in its file or what it has been told by someone who may or may not know what he or she is talking about. If the bank officer doesn't know anything about boats, how are they to know.
If anyone is interested in the boat, the best way to approach this, I believe, is to find out the name of the bank and then the name of the recovery or loan officer in charge of its liquidation and go talk to them. Find out what they've got to get out of the boat, and then what they're take to get out of the "boat." Banks do not want to be in the brokerage business, whether its boats or anything else. Such would be the best way to effect a quick purchase at a price the bank is willing to take under the circumstances. The bank, however, has two major hurdles: (1) the law requires that the sale of collateral be reasonable under all the circumstances (which generally but not always means a public sale-not private) and (2) the law requires that the bank obtain the collateral's fair market value, whatever that might be at the time.
Knowledge is a powerful thing. You guys have lots of it! Educating an otherwise unknowledgeable bank officer may take a little time, but may yield a bargain purchase. The Bank's incorrect statements about the boat, its condition and its engines are made by the bank at its peril. If the statements are false or fraudulent, and they know or should know it, the "as is" sale will not protect them from misstating the condition, etc., of the boat. In my opinion, no one who knows much about boats is going to buy this thing without a lot more information! But then again, a fool is soon separated from his money.
Okay, I'll stop now, as that last statement hits a little to close to home.
