Would Buy/ Sell agrement avoid such problems??? Virg ( With appropriate Life Insurance??)
On Fri, 7 Jan 2005 11:24:53 -0800 (PST) Ron Smith <mercedesm...@yahoo.com> writes: > > > jeffyor...@qx.net wrote: > I did the "OR" on a previous plane with a partner. > > Partner died, > > During the long time it took trying to get the title transferred to > me and > after thinking everything was ok, I went to my hanger one day to > find out > the lock had been changed. > > You see my partners survivors, (wife and son) ( I am sure their > attorney > too) got to talking and when the word airplane was mentioned over a > period > of several conversations and months, they suddenly began to feel > that any > airplane was worth a lot of money. So hence, this airplane was worth > a lot > of money. > > So they demanded I pay to them much more then what the plane > finished was > worth, not to mention that the plane was not finished when he died. > By the > way I finished it after he died. > > The thing that really makes me mad. They ended up selling the plane > to a guy > for less then what each partner had into it. Which was by the way, > about a > fifth of what they demanded for me to pay them. > > Also, by the way, these where people, that I thought I had a great > friendship with. His wife actually cried on several occasions as she > told me > she knew her husband wanted me to have the plane because he knew I > would > carry on and finish it. > > I am making this to long. Bottom-line, I was out an airplane, all > the money > I put into it and of course time and effort, hanger fees, so on and > so on. > > I will only put " OR" on the title with a survivor, wife or son, all > others > will be "AND" because money and lawyers will always get in the way, > regardless of right and wrong. > > Oh, and the guy that bought it from them. I thought he was a friend > too. > > Jeff York > N839BG > Lexington KY. > http://web.qx.net/jeffyork40 > > The "or" certainly does not protect you from legal action. It does > let you transfer the vessel with your signature alone. Which can be a > convience issue. Someone can always get a lawyer involved and make > your life hell. I'm sure it would be wise to have some legal papers > drawn up as to the percentage of ownership, in a partnership. A will > stating who retains ownership upon the death of one of the partners > might have saved you some grief. Sorry that you had that > experience. > > > > Here at the dealership the "default" is always, "or", so that in the > event of the death of a spouse the survivor can sell the vehicle > with their own signature. If the "and" is selected it becomes much > more difficult to transfer the vehicle, upon the death of one or the > registered owners. That is all I was saying. Sorry that happened to > you. :( > > > > Nothing, repeat, nothing protects you from a lawsuit in these United > States. The say carsalesmen are bad!!! Lawyers take the cake. : ) > > Ron Smith, > > Kr2s boat stage > > Cypress Ca. > > mercedesm...@yahoo.com > > > _______________________________________ > Search the KRnet Archives at > http://www.maddyhome.com/krsrch/index.jsp > to UNsubscribe from KRnet, send a message to krnet-le...@mylist.net > please see other KRnet info at http://www.krnet.org/info.html > > Virgil N. Salisbury - AMSOIL www.lubedealer.com/salisbury Miami ,Fl
