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Old 08-26-2013
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Re: Why give the payoff amount?

If you owe money on the boat, then you "technically" don't own it. A marine title company wiil issue a satisfaction of mortgage document to you when the bank note is paid off. Sometime the bank is listed as the first lien holder in the ownership chain. While you may have more equity in the vessel, the bank still has a fidicuary interest and will need to be paid off, usually first. Remember, he who gas the gold makes the rules.

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