Legal Question in Business Law in Washington

right of repossession

I am selling a commercial fishing boat and was advised to get a ''right of repossession agreement'' from the buyer, who is signing a promissary note for the upaid balance of the transaction. Is there such a form??

Asked on 9/26/06, 7:52 pm

1 Answer from Attorneys

Dan Harris Harris & Moure, pllc
0 users found helpful
0 attorneys agreed

Re: right of repossession

You probably should not be doing this sale without an experienced maritime attorney since the buyer is buying the vessel with terms. You should be considering more than just a right of repossession. You should also be considering whether to have a mortgage on the vessel, which mortgage should be registered. You also should be considering whether you want to lien various other things that you may be selling with the boat, including, in particular, fishing quotas. The right of repossession you describe sounds to me to be what is more commonly referred to as a self help provision, allowing you to repossess the vessel for non-payment, without having to secure a court order. You are going to want to be very clear as to what sorts of defaults will allow you to engage in self-help or you might find yourself encountering trouble down the road.

Read more
9/26/06, 9:35 pm

Related Questions & Answers

More Business Law questions and answers in Washington

Looking for something else?

Get Free Legal Advice

8822 active attorneys ready to answer your legal questions today.

Business Law Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony RoachLaw Office of Anthony A. RoachChatsworth, CA
Terry A. NelsonNelson & LawlessRiverside, San Bernardino, CA
Phillip D. Wheeler, Esq.Phillip D. Wheeler, Attorney At LawMorro Bay, CA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now