looked at a 69 Swinger 340. The car is in the court system, through a receivership. Has anyone ever bought anything this way. Just want to know what was involved. Made my bid, now it's up to the Judge.
Purchase through a receivership
- Thread starter jaws
- Start date
-
Ddaddy
I'm changing the World... one pixel at a time!
Well, as long as the court releases the title through legal process and you can obtain it as such...it’s free and clear to you as the buyer.
Receivership is just a process to oversee and process the transfer of goods legally to new owners under laws governing such.
Treblig
Well-Known Member
If it's anything like items/goods held under a "last will and testament" any an all items that were not specifically willed to a particular person can be transferred to a non-relative for free or for money only as long as every person who was a legal beneficiary (of the will) signs off on the sale. For example, if there are 5 siblings named in the will and they all are equal owners of a certain piece of property (a '69 Swinger) then every single sibling must sign off on the sale of the vehicle for it to be a legal sale. If the car is sold and one sibling is not in agreement with the sale of that item then the sale is NO GOOD and can be revoked. I don't now if items held under a "receivership" come under the same rules but I would imagine that the rules would be similar???
Ddaddy
I'm changing the World... one pixel at a time!
Not quite. Receivership puts a single legal entity in charge of the goods and responsible for their disposition, overseen by the court. No legal challenges to the disposition by others can be made.
Treblig
Well-Known Member
Treblig
Well-Known Member
I guess what I was trying to convey is that the buyer should be sure that the person who signs over the title has the authority to do so otherwise the signature isn't worth the paper it's written on??? Can the person in charge of the receivership (who is not the legal owner of the car) sign the title as if he/she was the owner of the car and will the License and Tag office accept a signature that is not the actual/legal owner of the car???
Ddaddy
I'm changing the World... one pixel at a time!
The person who is Court appointed to be in charge of the receivership is the final owner and responsible for the disposition of property and court recognized as such. That’s why the process of Receivership exists. It takes all other entities out of the process of ownership and disposition.
The court as always, has the final word.
And ? Tell us more .... condition ,color ,options ?
Last plated in 79, been a drag car and still has tow bar brackets on bumper. Car was F5 green with a black vinyl top, now a very dark blue. Motor and transmission look fresh'ish, when parked. Guy was a horder, and was hard to get around the car. Does have some flair work on quarters for slick clearance. But it is a 340, 4spd Swinger.
-
