Who has rights to liened car?
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Who has rights to liened car?
I gave my boyfriend $3000 to replace his motor and transmission in his car. We signed an agreement that said I had a 100% interest in the vehicle until he paid me back. Without my knowledge he got a title loan on the vehicle and now the title company is trying to repossess it. Do I have to give it to them, if I already have an agreement/lien on the car? Mine is for $3000; theirs is for $1400.
Asked on October 9, 2012 under Bankruptcy Law, Texas
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Did you file a UCC 9 financing statement with your state's secretary of state's office as to the your $3,000 lien? Did the title company record a UCC 9 financing statement as to its $1,400 lien on the car. The issue is who has a filed lien on the car first.
If you did so first then your lien supersedes the lender's. If the lender does and you do not, then the lender's lien takes precedence over yours. I suggest you consult with a business attorney further about your matter for the additional research you need to do per my answer.
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