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Boat Lien - Definition



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Boat Tax Lien

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BoatWiki - Definitions

Definition


A boat tax lien can be defined as a claim or encumbrance for delinquent taxes created on behalf of the boat or its owner. These can accrue for various reasons including unpaid sales, use, property, income, excise, and other local taxes.

Meaning


Maritime tax liens arise when created by the boat itself and may become attached even through subsequent owners. However, a boat can also become encumbered for non-related tax delinquencies created personally on behalf of the owner.

Context


Tax liens are sometimes recorded as Uniform Commercial Code filings, flagged against a boat's title, or shown as a claim of lien on vessel documentation records. They are for the most part, however, difficult to identify and track down.

Conclusion


Although steps can be taken to identify boat tax liens, one of the best assurances comes from checking the owner's background. This in conjunction with the appropriate guarantees or warranties, will go a long way to help protect against such deficiencies.


Credits and References

5/19/2022 - Page initiated by Team BoatWiki.




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