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Payoff Demand - Form



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Payoff Demand

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BoatWiki - Forms

Use of this form may have legal and tax implications.
You should consult with an attorney or professional about any such concerns.

Introduction


The payoff demand form is a written directive that specifies the details required for retiring a boat loan, lien, or encumbrance. It will state the payoff amount and effective date along with a per diem figure to be added beyond that time. A field for the destination as to where the payoff should be submitted is also included.

Context


This form can be utilized in those situations where a lender or lien-holder does not have one of their own. It is designed specifically for boat related transactions.

Source


The form is downloadable from BoatWiki's form repository in Microsoft Word format. This will allow for field insertions or content alterations. A link is provided in the WikiTags for this page.

Instructions


The form is self-explanatory and all fields should be completed. The loan number or loan identification is particularly important. The body of the form and working may be altered by unprotecting the document from the tools options of your application. It must be executed by the lender or lienholder and does not require a signature of the borrower.

Conclusion


The borrower or its representative should not rely on verbal payoff demand quotations as there is no way confirming this in the event of a miscommunication.  In making the payoff, a sufficient per diem should be calculated to account for any delays in processing. It will then be incumbent upon the lender or lien holder to refund any overage. A new demand should be obtained if an existing one becomes too outdated.


Credits and References

5/15/2022 - Page initiated by Team BoatWiki.




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