Legal Question in Credit and Debt Law in Indiana

Being Sued Over Stolen Propery

OK, I had a vehicle for sale on the internet, a person came to me wanting to trade for an ATV, I researched it and saw that I could make a little profit off the ATV. We made the trade, I signed over the title to the car, and A bill of sale was written and notorized for the ATV. I took the ATV to a local Dealership and sold it, they took the ATV and I took a check. Well the person that traded me the ATV neglected to tell me the ATV was stolen. The Police took the ATV. Now the dealership is sueing me saying that I knowingly sold them a stolen ATV when I had no idea it was stolen. So basically Im out a car an ATV and about to be out $2650.00. I was told there is a Law called Bona Fide Purchase for Value, is this true, and does it apply to me, and is there anything I can do about this? Im leaving for the Military in september and I dont believe I should be Responsible for the ATV since I traded and sold it in good faith. Please any advice would be greatly appreciated, Im between a rock and a hard place, and if this goes through this could keep me from pursuing my Military career. Thank you Again for any Help.


Asked on 8/28/08, 1:44 pm

1 Answer from Attorneys
Samuel Hasler Samuel Hasler

Re: Being Sued Over Stolen Propery

You need to get a lawyer. I tried one of these kind of cases years ago. The statute you wrote about is here but applies to merchants (as I recall): http://www.in.gov/legislative/ic/code/title26/ar1/ch2.html

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Answered on 9/01/08, 9:53 pm


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