04-28-2008, 05:45 PM | #15 | ||
Let's do another U-turn
Join Date: Feb 2008
Location: Indiana
Moto: 2009 V-Strom
Posts: 3,816
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Quote:
It's kinda like a tax lien sale on a property. Hell, here in Indiana, if you don't pay your sewer bill, they can put a lien on your property. If a lien isn't paid within a certain period of time, the lien holder can sell the property. Just like a tax lien. All you have to do is pay the lien and the property is yours. If you have something in storage and don't pay the storage costs, your stuff belongs to the owner. He can put a lien on your stuff and it's his if you don't pay it. He can sell the stuff for the amount of the lien, regardless of how cheap it is. However, I don't see how it's possible for some joe off the street to just come in and take the property and file lien paperwork. He needs to have a right to the property in some manner. If he's buying it from someone who has a lien on the bike, that's one thing, but if he just puts a lien on something that has been sitting... just doesn't add up. |
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