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Abandoned boat
Last Post 06 Jun 2007 05:32 PM by lawesterman. 4 Replies.
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lawestermanUser is Offline
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lawesterman

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03 Jun 2007 04:17 PM
    We are in possession of a 16' alum. boat, it was left on a friends property and was to be reclaimed two years ago.

    Our friend was tired of the boat being there and gave it to us, how can we secure this boat in our name.

    It has Missouri id on it, we are located in the Pasadena, Texas area. All the electronic gear is off of it, the motor may run, we haven't tried it yet as it needs spark plugs and possible lube and so on.

    I would like to be able to own this boat and will go thru the legal channels to get it.




    XShipRiderUser is Offline
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    XShipRider

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    03 Jun 2007 06:23 PM
    I would check with a Missouri lawyer. You may be in possession of property which they had no right to give you. My reading of the Missouri Revised Statutes (MRS) indicates 7 or 5 years, depending on when the property was originally left in place, are the two magic numbers. And remember, transporting it over a state line could make it a federal offense. It would be better to be proactive in this case by contacting a lawyer. It would be well worth a couple hundred dollars rather than facing a judge over the issue.

    Here's how Missouri Revised Statutes reads:

    Abandonment period, effective when.

    447.536. Except for the abandonment period for travelers checks and money orders provided for in subdivision (3) of section 447.505; the abandonment period for dissolution of business associations, banking organizations and financial organizations as provided for in section 447.527; and the abandonment period for court-related bond proceeds as provided for in section 447.595; all other abandonment periods referenced in sections 447.505 to 447.595, shall change from seven to five years beginning January 1, 2000. The abandonment periods provision of this section shall not apply to property which is held pursuant to any resolution, order or trust indenture entered into prior to August 28, 1998, by a city, county, school district, authority, agency or other political subdivision where the abandonment period or other abandonment provision specified in the resolution, order or trust indenture is different than the abandonment period specified in this section.

    The very next statute may also apply:

    Owner of property in another state and holder subject to that state's jurisdiction, effect.

    447.537. If specific property which is subject to the provisions of sections 447.505, 447.520, 447.527, 447.530 and 447.535 is held for or owed or distributable to an owner whose last known address is in another state by a holder who is subject to the jurisdiction of that state, the specific property is not presumed abandoned in this state and subject to sections 447.500 to 447.595 if:

    (1) It may be claimed as abandoned or escheated under the laws of such other state; and

    (2) The laws of such other state make reciprocal provision that similar specific property is not presumed abandoned or escheatable by such other state when held for or owed or distributable to an owner whose last known address is within this state by a holder who is subject to the jurisdiction of this state; provided, however, such other state shall only enforce its claim by trial de novo in the appropriate court in Missouri.

    Best bet, contact a lawyer.


    Caution: I have two brain cells. Sometimes they both work at the same time.

    <!-- Edit -->

    Last Edited : 6/3/2007 1:02:41 PM GMT

    lawestermanUser is Offline
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    lawesterman

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    04 Jun 2007 11:48 PM
    The abandoned boat was found in Texas, what about that situation
    XShipRiderUser is Offline
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    XShipRider

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    05 Jun 2007 01:05 AM
    Okay, misunderstood the first post. Good luck. I would still consult a lawyer since the statute below reads "3 years."

    Texas statute:

    PROPERTY CODE

    CHAPTER 72. ABANDONMENT OF PERSONAL PROPERTY

    SUBCHAPTER A. GENERAL PROVISIONS



    § 72.001. APPLICATION OF CHAPTER. (a) Tangible or
    intangible personal property is subject to this chapter if it is
    covered by Section 72.101 and:
    (1) the last known address of the apparent owner, as
    shown on the records of the holder, is in this state;
    (2) the records of the holder do not disclose the
    identity of the person entitled to the property, and it is
    established that the last known address of the person entitled to
    the property is in this state;
    (3) the records of the holder do not disclose the last
    known address of the apparent owner, and it is established that:
    (A) the last known address of the person entitled
    to the property is in this state; or
    (B) the holder is a domiciliary or a government
    or governmental subdivision or agency of this state and has not
    previously paid or delivered the property to the state of the last
    known address of the apparent owner or other person entitled to the
    property;
    (4) the last known address of the apparent owner, as
    shown on the records of the holder, is in a state that does not
    provide by law for the escheat or custodial taking of the property
    or is in a state in which the state's escheat or unclaimed property
    law is not applicable to the property, and the holder is a
    domiciliary or a government or governmental subdivision or agency
    of this state;
    (5) the last known address of the apparent owner, as
    shown on the records of the holder, is in a foreign nation and the
    holder is a domiciliary or a government or governmental subdivision
    or agency of this state; or
    (6) the transaction out of which the property arose
    occurred in this state and:
    (A) the last known address of the apparent owner
    or other person entitled to the property is:
    (i) unknown; or
    (ii) in a state that does not provide by law
    for the escheat or custodial taking of the property or in a state in
    which the state's escheat or unclaimed property law is not
    applicable to the property; and
    (B) the holder is a domiciliary of a state that
    does not provide by law for the escheat or custodial taking of the
    property or a state in which the state's escheat or unclaimed
    property law is not applicable to the property.
    (b) This chapter supplements other chapters in this title,
    and each chapter shall be followed to the extent applicable.
    (c) This chapter applies to property held by life insurance
    companies with the exception of unclaimed proceeds to which Chapter
    1109, Insurance Code, applies and that are held by those companies
    that are subject to Chapter 1109, Insurance Code.
    (d) A holder of property presumed abandoned under this
    chapter is subject to the procedures of Chapter 74.
    (e) In this chapter, a holder is a person, wherever
    organized or domiciled, who is:
    (1) in possession of property that belongs to another;
    (2) a trustee; or
    (3) indebted to another on an obligation.
    (f) In this chapter, a corporation shall be deemed to be a
    domiciliary of the state of its incorporation.

    Acts 1983, 68th Leg., p. 3592, ch. 576, § 1, eff. Jan. 1, 1984.
    Amended by Acts 1985, 69th Leg., ch. 230, § 7, eff. Sept. 1,
    1985; Acts 1987, 70th Leg., ch. 426, § 2, eff. Sept. 1, 1987;
    Acts 1991, 72nd Leg., ch. 153, § 5, eff. Sept. 1, 1991; Acts
    2001, 77th Leg., ch. 1419, § 30, eff. June 1, 2003.
    SUBCHAPTE B. PRESUMPTION OF ABANDONMENT



    § 72.101. PERSONAL PROPERTY PRESUMED ABANDONED. (a)
    Except as provided by this section and Sections 72.1015, 72.1016,
    and 72.102, personal property is presumed abandoned if, for longer
    than three years:
    (1) the existence and location of the owner of the
    property is unknown to the holder of the property; and
    (2) according to the knowledge and records of the
    holder of the property, a claim to the property has not been
    asserted or an act of ownership of the property has not been
    exercised.
    (b)(1) The three-year period leading to a presumption of
    abandonment of stock or another intangible ownership interest in a
    business association, the existence of which is evidenced by
    records available to the association, commences on the first date
    that either a sum payable as a result of the ownership interest is
    unclaimed by the owner or a communication to the owner is returned
    undelivered by the United States Postal Service.
    (2) The running of the three-year period of
    abandonment ceases immediately on the exercise of an act of
    ownership interest or sum payable or a communication with the
    association as evidenced by a memorandum or other record on file
    with the association or its agents.
    (3) At the time an ownership is presumed abandoned
    under this section, any sum then held for interest or owing to the
    owner as a result of the interest and not previously presumed
    abandoned is presumed abandoned.
    (4) Any stock or other intangible ownership interest
    enrolled in a plan that provides for the automatic reinvestment of
    dividends, distributions, or other sums payable as a result of the
    ownership interest is subject to the presumption of abandonment as
    provided by this section.
    (c) Property distributable in the course of a
    demutualization or related reorganization of an insurance company
    is presumed abandoned on the first anniversary of the date the
    property becomes distributable if, at the time of the first
    distribution, the last known address of the owner according to the
    records of the holder of the property is known to be incorrect or
    the distribution or statements related to the distribution are
    returned by the post office as undeliverable and the owner has not:
    (1) communicated in writing with the holder of the
    property or the holder's agent regarding the interest; or
    (2) otherwise communicated with the holder regarding
    the interest as evidenced by a memorandum or other record on file
    with the holder or its agents.
    (d) Property distributable in the course of a
    demutualization or related reorganization of an insurance company
    that is not subject to Subsection (c) is presumed abandoned as
    otherwise provided by this section.

    Acts 1983, 68th Leg., p. 3593, ch. 576, § 1, eff. Jan. 1, 1984.
    Amended by Acts 1985, 69th Leg., ch. 230, § 9, eff. Sept. 1,
    1985; Acts 1987, 70th Leg., ch. 426, § 3, eff. Sept. 1, 1987;
    Acts 1991, 72nd Leg., ch. 153, § 6, eff. Sept. 1, 1991; Acts
    1993, 73rd Leg., ch. 36, § 3.01, eff. Sept. 1, 1993; Acts 2003,
    78th Leg., 3rd C.S., ch. 3, § 2.01, 3.01, eff. Jan. 11, 2004;
    Acts 2005, 79th Leg., ch. 81, § 2, eff. Sept. 1, 2005.


    Caution: I have two brain cells. Sometimes they both work at the same time.

    lawestermanUser is Offline
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    lawesterman

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    06 Jun 2007 05:32 PM
    xshiprider
    Thank you for the information, I will call a lawyer, as you suggested

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