BoatWiki - Forms
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Jun 13, 2023 - The boat loan payoff demand form is a written directive that specifies the details required for retiring a boat loan, lien, or encumbrance. It should indicate the payoff amount and effective date along with a per diem figure to be added beyond that time. A destination as to where the payoff should be submitted also be included. This is often used in conjunction with an authorization for payoff.
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.
An example of what a boat payoff demand might look like can be found in WikiTags. It can be structured in various ways so long as it contains the respective information.
The form is self-explanatory and all relevant fields should be completed. The loan number or loan identification is particularly important. It must be executed by the lender or lienholder and does not require a signature of the borrower. Payoff demands are not typically notarized unless perhaps executed by a private individual as the lender.
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 to the borrower. A new demand should be obtained if an existing one becomes outdated beyond thirty days.
Credits and References
Jun 13, 2023 - Page revised.