Bad news, the title search came back yesterday showing a lien which was secured in 1980 but there are not remarks showing it was paid off. I called the bank and they have no record of the lien whatsoever, which is strange because even if it was paid off, they should have record of it. There's just no way I can trust missing information like that so hopefully someone else it willing to take the chance on it because it really was quite clean for the circumstances.
Bad news, the title search came back yesterday showing a lien which was secured in 1980 but there are not remarks showing it was paid off. I called the bank and they have no record of the lien whatsoever, which is strange because even if it was paid off, they should have record of it. There's just no way I can trust missing information like that so hopefully someone else it willing to take the chance on it because it really was quite clean for the circumstances.
If the bank has no record of a lien at all, what are the chances they would produce a statement saying the lien is released? I would think the best hope would be "no record of said lien with us"? Would that be enough to continue pursuit of this purchase?
There's not much lost here, anyway. It's just an airplane. There will be others.
ITS NOT JUST AN AIRPLANE, it's a salvageable classic that needs to be saved!
I don't have the means to do so, but I would love to.
Too many airplanes are rotting away because nobody take a chance on them.
But, from a logic and finanial standpoint, I understand your reasoning.
there are lots of stories around of planes having mechanics liens, loans, FBO liens, etc that are found decades later. many cases the companies involved are long gone. Yet somehow people get them cleared.
Bad news, the title search came back yesterday showing a lien which was secured in 1980 but there are not remarks showing it was paid off. I called the bank and they have no record of the lien whatsoever, which is strange because even if it was paid off, they should have record of it. There's just no way I can trust missing information like that so hopefully someone else it willing to take the chance on it because it really was quite clean for the circumstances.
Inform the bank that per federal regulation 14 CFR 49.17(d)(5):
(5) Immediately after a debt secured by a conveyance given for security purposes has been satisfied, or any of the encumbered aircraft have been released from the conveyance, the holder shall execute a release on AC Form 8050-41, Part II—Release, provided to him by the FAA when the conveyance was recorded by the FAA, or its equivalent, and shall send it to the FAA Aircraft Registry for recording. If the debt is secured by more than one aircraft and all of the collateral is released, the collateral need not be described in detail in the release. However, the original conveyance must be clearly described in enough detail to identify it, including its date, the names of the parties, the date of FAA recording, and the recorded conveyance number.
Tell them that if they do not send the form to registry to release the lien then they need to offer proof that the lien is still in effect and provide the amount required to satisfy the debt. Obtain a copy of the lien (registry should have it) and send it to the bank to assist them with their efforts.
Ohhhh yes it IS just an airplane and an old airplane to boot. No bonanza is inexpensive and this one will be a song without end to get it in decent shape. Lotsa bucks. Never let emotion cloud your eyes when it comes to cars,planes, etc. it's a good way to lose your Azz! ( unless of course it's someone else's money, like dads.) in addition it does not have said clear title. Move on!ITS NOT JUST AN AIRPLANE, it's a salvageable classic that needs to be saved!
I don't have the means to do so, but I would love to.
Too many airplanes are rotting away because nobody will take a chance on them.
But, from a logic and financial standpoint, I understand your reasoning.
It's not their lien, that's the problem. It shows on the title search as theirs but they have no record of it and I'm just not convinced they would put their neck out to call it satisfied when it could still be in the hands of another lender or collections agency.
The fact of the matter is, I wasn't going to pay more that $4k for this airplane. If I did go through with it, I would have had to drive at least 10 hours to get down to it to spend who knows how many hours taking the wings and possibly tail off, then another 10+ hours driving back. I have no problem sparing myself that hassle along with the headache of dealing with the bank and FAA on this one. If ya'll want to try your luck at fixing her up, please do, PM me and I'll send you all the pictures I took of it.
Oh, I have no interest in the aircraft. I was just trying to offer a wee bit of a suggestion on what you could do in regards to the lien if you still had an interest. It does amaze me that a person would possibly be willing to spend countless hours to repair or rebuild an airplane and spend a bunch of money doing so but balks at the idea of spending just a couple of hours getting a lien straightened out.
Ohhhh yes it IS just an airplane and an old airplane to boot. No bonanza is inexpensive and this one will be a song without end to get it in decent shape. Lotsa bucks. Never let emotion cloud your eyes when it comes to cars,planes, etc. it's a good way to lose your Azz! ( unless of course it's someone else's money, like dads.) in addition it does not have said clear title. Move on!
This is where $200 to a title company comes in handy. We ran in to that same issue... the buyer footed the bill for a title company to resolve it... in a week they had paperwork on the way to OKC releasing the lien. If it's worth the money for the airplane, the title company is a cheap way to make things right with the world.Here's the problem: they don't have record of the account at all. After 36 years, I wouldn't be surprised if it was just lost in paperwork somewhere. I did not ask them to sign off on the loan but based on my experience in consumer lending, I don't foresee a lender proclaiming a loan satisfied which was not financed by them. Even if they did, my biggest fear would be that they sold the loan to a collections agency or another lender, so the loan my still be out there.
There's not much lost here, anyway. It's just an airplane. There will be others.