My weekend started off bad

[ARCman47]

I have spoken to a lawyer. Unless someone is charged, I don't have a leg to stand on. Forsyth County sheriffs office sucks the back side. Detective ben norton is a slug. Never returned my calls, never returned the insurance adjusters calls. On my days off, I may go up there to shoot the bird at every pos LEO up there. I even gave him the names and phone numbers of the guy I bought the boat from, and the guy he got it from. That POS LEO has not even called either one. Forsyth county sucks.

They need to get their donut eating, window tint ticket writing asses out and do something

 

[gh1950]

**** idk you tell me? How does a place loan money on something stolen then take the property and expect someone to pay it back ?

1) the place that loaned the money did not take back the collateral, the insurance company that owned the property reclaimed it.

2) a purchase money loan consists of two parts, the underlying debt, evidenced by a promissory note, and a collateral agreement, where the borrower pledges property to induce the lender to make the loan. Typically in a loan of this type they are physically incorporated into one document, but there are two separate agreements. The debt obligation stands alone, and the lender is not required to seek recourse from the collateral. The lender can essential abandon it's interest in the collateral, lose it through calamity, or as here, lose it by operation of law.

The debt remains, and becomes for all practical purposes a signature loan, the payment of which is the borrower's responsibility.

Without looking at the actual paperwork, the credit union can almost certainly call the whole loan because the borrower has impaired its collateral.

 

[Miatadude]

I did go to Fayette county police because that is where I bought the boat. I gave them the address of the guy I bought it form, Found out it was under the sheriffs jurisdiction. They advised me to go to magistrate court. Spoke to a judge and he said unless someone is charged, all they have to say is "I didn't know it was stolen". He said I could pay $103 dollars and have them summoned, but I would be throwing my money away. As soon as I pay off the loan and my truck loan, I am also going to find a new financial institution besides southern federal credit union.