Boat Loan Agreement
I need some legal advice, please?
ok my boss last June took out a loan in his name for a Boat that I wanted to buy. the note was for the year and our oral agreemant is that I would get my own loan and payoff your loan until the end of the year the note. Last April, so he fired me and came to my house and got the boat and demanded full payment. legally he can sue me for the rest of what he sells and what is owed? I still had about two months before his note was up. also kept my last salary without my consent to put it.can he sue me and win since he broke the our verbal agreement? there was no signed paper worked with my name anywhere. please help
He could have the statute of frauds as a defense. In However, if you have any proof that the boat was yours, you can sue him for theft. If he holds the legal title, so there's nothing you can do. The statute of frauds is different in each state, but generally any kind of tangible asset over U.S. $ 500 – $ 2,000 is covered (as it has boats and cars). If your name is neither in the title, so it was not in accordance with the statute as you have nothing on their behalf. The statute of frauds was designed to eliminate certain types of verbal agreements and force them to be on paper. If you're in the title, then everything is kosher, go get the boat back! The salary is an issue different. Contact the office of his attorney general of the state and write them a letter detailing the line of what happened. They will investigate and order to process your jurisdiciton for you. I contacted my state attorney general about a company that puts wrong information on my credit report. The company's president wrote and signed a letter of proof that it had taken account of the situation. They have the power to call them.
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