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Affidavit of Repossession - Form
Affidavit of  Repossession - Definition
Foreclosure - Definition
Repossession - Definition



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Use of this form may have legal implications.
You should consult with a maritime attorney about any such concerns.

Introduction


The affidavit of repossession is a key element when conducting a non-judicial foreclosure on a Coast Guard documented vessel. It consists of a sworn statement attesting to the steps taken in compliance with the terms of a preferred mortgage and uniform commercial code rules for the respective jurisdiction in which implemented. When accompanied by the respective attachments, it has proven sufficient for the National Vessel Documentation Center with respect to a transfer of ownership.

Context


This particular form is designed exclusively for use when dealing with a Coast Guard documented vessel that is subject to a preferred mortgage. Non-judicial foreclosures can also be performed on non-documented boats that are state registered, but each jurisdiction typically has its own version.

Format


The form is provided in Microsoft Word in order to facilitate any changes to its structure or textual content. It is also fielded and tabbable for convenience. In making any non-fielded alterations, it will be necessary to select the "Unprotect" option from the "Tools" menu of your application. It can thereafter be protected again as a form to regain the fielding.

Instructions


All fields should be completed fully and accurately. The form should then be signed in the presence of a notary public and must not be altered thereafter.

Conclusion


Non-judicial foreclosures must be carefully implemented in accordance the appropriate statutes in order to avoid legal ramifications. A maritime attorney should be consulted about any such concerns.


Credits and References

3/7/2022 - Initiated by Team BoatWiki.




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