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Ray
Ray, Employment lawyer
Category: Employment Law
Satisfied Customers: 36980
Experience:  30 years in Employment law
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I have a drilling rig that I own outright in the state of

Customer Question

I have a drilling rig that I own outright in the state of Texas and it is stored at a yard that is controlled by another company. I have an agreement with them to store it there for a certain amount. My question is, how do I protect myself to make sure that if they run into legal problems or tax problems, how do I protect my asset?
Submitted: 1 year ago.
Category: Employment Law
Expert:  Ray replied 1 year ago.

Hi and welcome to JA. I am Ray and will be the expert helping you today.

Expert:  Ray replied 1 year ago.

You would want to keep proof of ownership readily available here.That would include any bill of sale, personal property taxes paid to county for it, etc.It is a good idea to make copies of this for the yard owner in case he has problems. You could also notify the other company of your ownership of the rig by a letter with such information attached.Doesn't hurt to put them on notice it belongs to you and you would contest any claim to it.This puts them on notice that you are legal owner

and will challenge any claims to it.

Expert:  Ray replied 1 year ago.

Assembling this including the letter and attachment is the best way to have documentation if there is

a claim otherwise.I appreciate the chance to help you today.Thanks again.

Customer: replied 1 year ago.
I do not need to do an UCC or ICC type of filings?
Expert:  Ray replied 1 year ago.

No sense it paid for here you likely have a bill of sale.You can record this with county here, there may be small amount of taxes due on personal

property depending on the county it is in .

Expert:  Ray replied 1 year ago.

Harris County for example has exemption form you file to document and avoid taxes since it is stored,

check your county for similar forms.

http://www.hcad.org/pdf/forms/11-271.pdfip

Again it documents ownership here.

Expert:  Ray replied 1 year ago.

Thanks again for the chance to help.