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Thank you for your question. To Introduce myself I am a sydney based Solicitor and will do my best to provide you with relevant information to assist you.
Have you paid the full amount? Do you know who has the lien over the items?
You do not give him anymore money you need to speak to the bank and see what they are owed.
Does the bank have the items in their possession?
Hi. Thank you. In answer to your questions. Only deposit paid plus packing costs. In total $60k to vendor plus approx $20k to crate for shipping. Full price is approx $210k so $150k to go.
No idea who has lien over the items. Its a bank that's all I know.
No bank does not have items in their possession. They are stored at a facility owned by a third party unlrelated tto the transaction. I have emailed them to check that the items are still there.
Was thinking that taking a caveat or lien or restraining order (not sure which is appropriate in the United States) at least gives some protection.
from my perspective, the items were up for sale for over 2 yrs before I struck a deal with the vendor. My offer was best available so expect if bank was to forclose on the vendor and act on Lien they are not going to get a better price than what I offered anyway.
Is the vendor acting fraudulently by not disclosing the existence of the lien before the sale. seems he was offering to sell goods he wasn't legally entitled to sell without permission.
Hi Thanks for this. My next step was to ask him for information in respect of the lien.
short answer in no no written agreement, series of emails between us working through the deal. (I know written agreement would have been better but in the warbird trading world it doesn't happen a lot, this is the first time in about 10 such deals anything has gone wrong)
Hindsight is a great tool and I should have insisted on a written agreement before releasing any funds rest assured I will in the future.
I was waiting for confirmation that the items are still at the storage location before taking the step of asking for the bank details.
Once he mentioned the existence of the lien, I started to tread lightly as I knew there was risk of loss. seems to me that if not fraudulent misrepresentation (he after all accepted part payment for goods he must have known he could not transfer title to the purchaser at the time he offered them for sale) then at the very least it is ethically questionable.
Anyway I'll make the inquiry of the lien details and get back to you.
thanks for your input. Much appreciated.
Hi Thanks again. Will do.
I'll let you know haw it goes.
Thanks and Regards
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