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Attorney From page 6
fact that title insurance is not available for a yacht, the document should be reviewed carefully. The Abstract starts by identifying the vessel by name, Coast Guard Official Number, and Hull Identification Number, together with a discussion of where, when, and by whom the vessel was built. This infor- mation by itself is helpful. A prospec- tive buyer should be sure to compare the Hull ID Number and Official Number on the Abstract with the num- bers that are permanently marked on the boat, and confirm that the num- bers match. After the identifying information,
the Abstract lists a series of documents in chronological order. Most users of an Abstract are concerned with three principle documents: A Bill of Sale (to evidence a transfer of ownership), a Notice of Claim of Lien, and a Preferred Ship Mortgage. It also lists a Satisfaction of Mortgage and a Satisfaction of Claim of Lien, which are used to cancel the original mortgage or lien claim, as well as various lesser- used documents such as for the recording of a court order or for Coast Guard administrative purposes. When lenders review an Abstract of
Title, they start from the top and con- firm that the transfers of ownership accurately track the history from seller to buyer, they confirm that every prior mortgage is followed by a satisfaction of mortgage, and that every Claim of Lien is followed by a Satisfaction of Claim of Lien. They understand that the lien information may not be con- clusive, but on the other hand, an out- standing claim of lien is a problem whether or not it is legitimate. Most people who review an Abstract of Title will stop when they confirm
Comments From page 6
now in a preserved status. A landowner is entitled to do whatever they want with their lands if they cannot than the envi- ronmentalists need to compensate the owner.
Sara Burns: Here in Redondo (ReCondo) Beach, the waterfront redevelopment con- flict pits crony backers of a retail “lifestyle” shopping center versus public supporters interested in preserving boating and other marine activities for the public.
Veteran journalist recalls time with publication
Re: Former publisher looks back on publi- cation’s history (June 19, 2015 issue). One of my favorite people, ever. Launched my journalism career and gave me, as a 20- year-old student at San Diego State, a wonderful job with a great atmosphere. Lou is one of the most intelligent people I have ever met, with a great sense of humor. I miss him.
Thomas K. Arnold Submitted on
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that the liens and mortgages all appear to be satisfied. But the Abstract offers more information if we look just a little deeper. For example, a large Claim of Lien may appear to have been satis- fied, but what if the claim was made by a salvage company? This would tell us that the boat had suffered a cata- strophic loss at some time that may not have been disclosed. After reviewing the Abstract, discuss
the recent history of the boat with the seller. Confirm that invoices for recent work on the boat have been paid and that the seller is current with monthly slip rental payments. Careful attention to these proce-
dures will provide peace of mind to buyers in 99 percent of yacht purchase transactions, but the bottom line is
that the title history for a boat can never be as clear and secure as the title history in a real estate transaction. Contact an experienced maritime attorney for more information about your specific purchase.
David Weil is licensed to practice law in the state of California and, as such, some of the information provided in this column may not be applicable in a jurisdiction outside of California. Please note also that no two legal situa- tions are alike, and it is impossible to provide accurate legal advice without knowing all the facts of a particular sit- uation. Therefore, the information pro- vided in this column should not be regarded as individual legal advice, and readers should not act upon this infor-
The Log • April 8 - 21, 2016 • 9
mation without seeking the opinion of an attorney in their home state.
David Weil is the managing attorney at Weil & Associates (
weilmaritime.com) in Long Beach. He is an adjunct professor of Admiralty Law at Loyola University Law School, is a member of the Maritime Law Association of the United States and is former legal counsel to the California Yacht Brokers Association. He is also one of a small group of attorneys to be certified as an Admiralty and Maritime Law Specialist by the State Bar of California. If you have a maritime law question for Weil, he can be con- tacted at 562-438-8149 or at dweil@weilmar-
itime.com.
Ask your question online at
thelog.com.
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