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.
Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.
If the information that I provided was helpful, then please remember to click the green accept button so that I will receive credit and compensation for my time. Positive feedback is always appreciated as well. Thank you and good luck!
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.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).