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I sold a boat and the new owner can not get title from the

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Michigan Secretary of State....
I sold a boat and the new owner can not get title from the Michigan Secretary of State. I had a loan on the boat that was paid off in 2004....I have a letter from that bank (Key Bank) confirming that and it is stamped. The original loan was from First Federal bank that is no longer in business. First Federal is listed as the lien holder on the original title, not Key. Key bought the loan in late 1990's and I paid it off in 2004. Michigan SOS wants the title signed and Key will not sign off as they are not First Federal....what can I do to help the new owner get legal title to the boat?
Submitted: 1 year ago.Category: Legal
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6/2/2016
Lawyer: Law Educator, Esq., Attorney replied 1 year ago
Law Educator, Esq.
Category: Legal
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
If you have the release of lien letter and Key will not cooperate by providing a letter explaining that they were successor in interest to the loan and as such can release he lien, then your only remaining recourse is you have to file suit to remove the lien, which is now an invalid lien. You need to contact Key and inform them that if they refuse to assist you in removing their lien, since they are successor in interest, you would sue to remove the invalid lien and seek damages and attorney's fees from them for you having to do so. Send them your demand in writing. If they still refuse, then you can sue for removal of the invalid lien and seek all costs and damages their refusal to remove the lien has caused you and attorney's fees as well.
When they took over the loan, it was their duty to notify the state that they were the substituted lienholder and had they not been negligent in that duty, you would not be having this issue now. So they are bound to help correct it and if they refuse when you send your demand letter to them, then the court will order the lien removed and will order them to pay all of your costs and damages.
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