Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
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Question: I live in Palm Beach County, FL . I have a Waverunner purchased with a loan in 1998. Declared Chapter 7 Bankruptcy In 1999. The waverunner was in the Bankruptcy. The Bank never came and took possesion of the waverunner. I am looking to get rid of the waverunner. Not looking to sell as I don't think I own. IS there a statute of limitations or abandonment law that would make me the owner? What are my options.”
Answer: I think you can legally claim ownership to the waverunner, and thus, you can sell it and keep the proceeds. Here is the reason: The loan for the waverunner was included in the bankruptcy and you’ve been discharged. Therefore, you no longer owe the underlying debt. The only thing left for the lender to do is recover the waverunner itself. However, below is the Florida statute of limitations to recover person property:
95.11 Limitations other than for the recovery of real property.—
Actions other than for recovery of real property shall be commenced as follows:
(3) WITHIN FOUR YEARS.--
(i) An action to recover specific personal property.
As you can see, personal property cannot be recovered after 4 years. Therefore, I would say that the lender had 4 years from the time that you first defaulted on the loan to collect the waverunner, and that if it sued you for it now, you’d win if you raise a statute of limitations defense.
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