Legal Question in Consumer Law in Maryland

Legally liable to continue payments

Several years ago my nephew and I purchased a boat. While looking through the paperwork my nephew held on the boat I discoved the original portion of the contract that the bank normally holds stamped Paid on 11/06/1995. My question is ''Since the bank no loger has any paperwork indicating there is an outstanding loan do we legally have to continue making the boat payments???


Asked on 8/25/03, 12:32 am

1 Answer from Attorneys
G. Joseph Holthaus III Law Offices of G. Joseph Holthaus

Re: Legally liable to continue payments

If you want to withhold paymnents, you could do so on your own. A strong word of caution is in order as you may loose the equity in the asset upon repossession as well as incur fees. It appears that you may benefit from contacting an attorney and to have documents reviewed and potentially have your issue presented to the lender. Based on the limited factual matter presented, it appears that you may no longer need to make payments. Contact me at (410) 799-9002 (leave a message).

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Answered on 8/26/03, 10:46 pm


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