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TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
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Experience:  JD, MBA
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I live in Palm Beach County, FL . I have a Waverunner purchased

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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.
Submitted: 8 years ago.
Category: Bankruptcy Law
Customer: replied 8 years ago.

Palm Beach Gardens, Florida


Already Tried:
Haven't tried anything yet. Not sure of my ownership or rights after having possesion of the waverunner 9 years after the bankruptcy.
Expert:  TJ, Esq. replied 8 years ago.

Hello and thank you for allowing me the opportunity to assist you.

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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DISCLAIMER: Please understand that the complexities of most legal problems cannot be adequately addressed in this setting, and that I am only licensed to practice law in the state of Maryland. Accordingly, you acknowledge (1) that we have not formed an attorney-client relationship, and (2) that my post is general information only and not specific legal advice.

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