I’m a purchaser of a boat, It was purchased in good faith. The individual I bought it from declared chapter 7 the trustee wants the boat.
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I’m a purchaser of a boat, It was purchased in good faith. The individual I bought it from declared chapter 7 the trustee wants the boat.
I purchased a boat from a private individual may 1st “08” I wasn’t able to get the title transferred until jan “09”. On July 18th “08”, the person I purchased the boat from filed chapter 7 bankruptcy (unknown to me.) In april of “09” I recieved a letter from the trustee wanting my boat due to post petition transfer. His claim is that the title is solely the means of transfer. and because it was in the debtors name the boat is his asset. I have looked at the sited laws and find a transfer definition can be the time that the property is exchanged. (may 1st) before the bankruptcy was filed. I also find laws siteing that a good faith purchaser is protected form a post petition tranfer aslong as they had no knowledge of the bankruptcy, and they paid fair market value. I meet both of these. Can I assume that the court will also see this how I see this??? Thanks
Asked on June 20, 2009 under Bankruptcy Law, Idaho
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
You may be called a bona fide purchaser -- one who purchases for value in good faith without notice. Further, you relied to your detriment on the seller's promise to give good title when you paid the seller for the boat.
I think you will be okay with this premise. Obviously the trustee is hoping you don't understand this simple concept.
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