| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 308.1 | Never thought of that? | PACKER::GIBSON | | Fri Mar 17 1989 17:20 | 8 |
| Yup. You found a snag. If you want to Document a vessel in the USA
you must be a US citizen. Only way for you to do it is Cash and
Carry or find a partner to by the boat with. Its not a "Discrimination"
type case. It is to protect the country military wise, Just think
if ol'Col Kadaffy had a fleet of "Yacht's" in our country.
Sorry.
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| 308.3 | | ARCHER::SUTER | I see a little open water!!!! | Tue Mar 21 1989 08:55 | 17 |
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Note 230.9 Boat Financing Rates 1989 9 of 13
CURIE::FSMITH 8 lines 17-MAR-1989 17:07
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Ray, I would check with other financers regarding this issue. I
am in the process of getting a boat loan through the Maine Savings
Bank in Portland, Maine. I would be happy to give you the name and
number if you send me mail. It may or not be true regarding the
citizenship issue. Follow through and please keep us posted.
Fred Smith
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| 308.4 | if you're Kuaiti, then it's OK | ARCHER::SUTER | I see a little open water!!!! | Tue Mar 21 1989 08:56 | 14 |
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Note 230.10 Boat Financing Rates 1989 10 of 13
HPSCAD::WHITMAN "Acid rain burns my BASS" 5 lines 20-MAR-1989 08:17
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Gee, as I recall last summer there were 14 Kuaiti tankers flying US
colors (i.e. with US documentation)? Were the owners really US citizens in
disguise?????
Al
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| 308.5 | a bit more on documentation | ARCHER::SUTER | I see a little open water!!!! | Tue Mar 21 1989 08:57 | 21 |
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Note 230.11 Boat Financing Rates 1989 11 of 13
MSCSSE::BERENS "Alan Berens" 12 lines 20-MAR-1989 08:57
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As I understand it, yes, you must be an American citizen to document a
boat. Since many states do not have boat title laws, Coast Guard
documentation is about the only way a lender has of being reasonably
sure that the boat you're using as loan collateral is legally yours and
that there are no liens against the boat.
Documentation also involves something called a preferred ship's
mortgage, the existence of which is recorded on the documentation
papers. This makes it difficult for you to sell the boat without paying
off the mortgage first. The preferred ship's mortgage also makes it
easier for the lender to repossess the boat if you default on the loan.
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| 308.6 | Give em a call | ARCHER::SUTER | I see a little open water!!!! | Tue Mar 21 1989 08:57 | 19 |
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Note 230.12 Boat Financing Rates 1989 12 of 13
LEVERS::SWEET "Capt. Codfish...GW Fishing Team" 10 lines 20-MAR-1989 09:30
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Ray,
My boat is being documented by New England Marine Documentation
Service ( I got my loan through 1st commercial). Their phone number
is 617-889-4903. The brochure says two basic qualifications: US
citizen and a vessel of 5 net tons.
Good luck.
Capt. Codfish
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| 308.7 | NOT PERSONAL DISCRIMINATION | ARCHER::SUTER | I see a little open water!!!! | Tue Mar 21 1989 08:58 | 16 |
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Note 230.13 Boat Financing Rates 1989 13 of 13
TYCOBB::J_BORZUMATO 7 lines 20-MAR-1989 09:48
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MINE IS DOCUMENTED AS WELL, ONE MANDATORY REQUIREMENT WAS U.S.
CITIZENSHIP. WHEN IN ROME DO AS THE ROMANS DO. IT ONE OF THE LAWS
OF THE LAND. I DOUBT THAT THIS HAS ANYTHING TO DO WITH PERSONAL
DISCRIMINATION. BUT IT INTENTIONALLY DOES DISCRIMINATE FROM
A LEGAL POINT OF VIEW, AND I BELIEVE IT IS MEANT TOO.
JIM
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| 308.8 | International, or just U.S.? | LUDWIG::BOURGAULT | I have a story to tell..... | Wed Mar 22 1989 02:59 | 12 |
|
Has anybody asked if this is a U.S.-only situation, or is it
an international custom? Are there age-old agreements that
say you must be a citizen of a country to "register" a boat
there? Is this a recent (treaty) development?
I work midnight to 0800, so I can't call up the Coast Guard
(District headquarters is in Boston, MA.....) and ask about
it. Maybe I will be awake enough when I get home to do so...
if I produce any relevant information, I'll post it....
- Ed -
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| 308.9 | Don't even buy it !!!! | USRCV1::FRASCH | | Fri Mar 31 1989 14:20 | 9 |
| I don't know about this being an international requirement but,
it IS illegal to even sell a documented boat to a non US citizen!!
Ray, the guy selling you the boat could get his buns in the frying
pan for doing it! I think I can find the Public Law No. if you really
want to dig into it but I know it is the law!!
Before you get into trouble, I would back out of the deal and find
a non documented vessel!!
Don
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| 308.10 | | CURIE::THACKERAY | Ray Thackeray MR03 DTN 297-5622 | Mon Apr 03 1989 10:50 | 19 |
| Hi Don,
Well, in all fairness, the person selling me the boat was pursued
by me, not the other way round and we hardly discussed documentation,
but the next boat I want will be of documentable weight, for sure.
Of course, I had to back out of the deal when I found out that I
couldn't get the money!
Anyway, since then, a friend has expressed interest in a partnership
and we've been looking into the documentation issue, to my satisfaction
(he, as an American citizen, has to own over half of the boat).
Now we have to work on the legal issues.....
Tally-ho,
Ray.
PS. Is this law anacronistic or is there a real reason besides the
issue of international theft?
|
| 308.11 | Documented VS "Documentable" | SMART5::JGUNNERSON | JLG | Fri Jun 09 1989 13:12 | 9 |
| (Ok, so I am catching up after being away for a long time). There is a
difference between a boat that is documented and one that is
"documentable". A non-US citizen can by a boat that isn't documented,
but is eligible to be documented, there it is "documentable". If this
person wishes to use it than they would register it as any other boat
might be. A large boat can be registered only, it doesn't have to
documented. Of course financing is better if you can document it.
john
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| 308.12 | | CURIE::THACKERAY | Ray Thackeray MR03 DTN 297-5622 | Fri Jun 09 1989 14:34 | 3 |
| But doesn't any boat over a certain displacement HAVE to be documented?
Ray
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| 308.13 | | BMT::SAPIENZA | Knowledge applied is wisdom gained. | Fri Jun 09 1989 17:51 | 11 |
|
.12> But doesn't any boat over a certain displacement HAVE to be documented?
Nope, not mandatory as far as the government is concerned. However,
most lending institutions require documentation for their own peace of
mind. (Tracking a documented boat is easier than tracking a registered
boat, in the event of theft or misplacement that is.)
Frank
|