Legal Question in Civil Litigation in Florida

Re: contract law

I'm confused by your terminology.

Is there a "loan contract" or a "sales contract"?

Isn't a guarantor the same thing as a co-signor? Do you mean there is a purchaser and a co-signor?

I see this question making sense if the facts are as follows:

Seller owns a bobcat; Purchaser agrees to buy it for X dollars. Seller and Purchaser enter into a sales contract wherein Seller agrees to let Purchaser take posession of the bobcat and agrees to accept several installment payments to complete the sale. Seller also requires Purchaser to have a Co-signor (a guarantor of payment). Seller receives full payment, Purchaser has possession of the bobcat, who owns the bobcat?

If that is the question, then:

As between the Seller and Purchaser, Purchaser owns the bobcat. As between the Purchaser and Co-signer, it depends on who actually paid for the bobcat. Purchaser has posession and a contract for the purchase, so absent any other facts, Purchaser owns the bobcat. However, if the Co-signor actually paid for the bobcat (either directly to the Seller or to the Purchaser who in turn gave the money to the Seller), then the Co-signor has an interest in the ownership of the bobcat until Purchaser repays the Co-signor. Co-signor could sue Purchaser for return of his money, and it is possible that a court would settle the matter by either forcing the sale of the bobcat or ordering that the bobcat be transfered to the Co-signor.

Did I answer your question?

Hope that helps.

Sarah

Re: contract law

The short answer is probably the owner is the one whose name is on the Bill of Sale.

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