Abandoned property.
I am bidding on the contents of a public storage building which is up for sale because of delinquency. If a titled property (motrcycle,car....) is in the building and I win the bid, do I own the titled property even if a financial instituion has a loan against it ?
Asked on 8/29/08, 8:19 pm
1 Answer from Attorneys
Scott Riddle
Law Office of Scott B. Riddle, LLC
Re: Abandoned property.
You might "own" is subject to the security interest, and you'll probably be unable to get a title until you pay off the lien (assuming it is properly recorded/noted on the title). If security interests somehow disappeared because the owner abandoned the property, a bank would not lend the money in the first place and many cars would somehow be "abandoned."
Answered on 8/30/08, 7:39 am
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