Hauled Out & Marina Closes, What Happens? - Page 3 - SailNet Community
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post #21 of 29 Old 10-26-2012
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Re: Hauled Out & Marina Closes, What Happens?

Heck, if there are rumors, ask the owner/ operator what is going on. He may not be totally upfront, but he must be aware of the rumors. Ask him which bank holds the mortgage, I think the deed is a public document anyway. Keep or get receipts and or contracts, so you can show you don't owe any money, or that you are owed money. Call which ever state agency registers the boat and ask them. And I would make sure I had the title off the boat, just to be safe. I'd also circulate a list and get contact info from the other owners
I used to own a service station. You can execute a mechanic's lien and take possession of vehicles that owe you money, but it is a time consuming and frustrating process. At least in NJ you have to show that you made attempts to contact the owner. Took me two years to get title of a POS so I could junk it. The guy had it towed in for an estimate, and then disappeared. it Can be done, but not quickly in my opinion.
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post #22 of 29 Old 10-26-2012
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Re: Hauled Out & Marina Closes, What Happens?

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Originally Posted by JimMcGee View Post
Here's the scenario:
  • You've paid your winter storage and your boat is hauled out and sitting on stands in the yard.
  • The marina goes bankrupt. There's no one to run the travel lift and the bank has liened everthing in sight.
  • Can you get your boat out, and how many hoops do you have to jump through to do it?

Has anyone encountered this situation?

Jim
Google "New Jersey Law, Tenant's Rights in Landlord's Bankruptcy"

While New Jersey Law is arcane, at best, in normal circumstances a tenant's right to occupy a leased premises (his or her "leasehold interest") is not extinguished with the bankruptcy of, or foreclosure on, a landlord's leased property, particularly when one has paid one's rent in advance, unless he/she has explicitly agreed to such a provision in the lease agreement beforehand. Examine your lease agreement carefully.

FWIW...
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post #23 of 29 Old 10-26-2012 Thread Starter
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Re: Hauled Out & Marina Closes, What Happens?

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Heck, if there are rumors, ask the owner/ operator what is going on.
Lou no rumors, but a couple of unrelated conversations that taken together make you start thinking what-if...

I threw out a what-if question to figure out where I would stand if the what-if happened.

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post #24 of 29 Old 10-26-2012
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Re: Hauled Out & Marina Closes, What Happens?

I think the best advice above is to ask the owner directly. Most rumors are usually just that. If there is any hesitance or evasive answer, launch, go somewhere else and hope you can get a refund before they go under. You can also probably get financial health data on the company from independent sources as well. If their credit rating, etc. are in the tank, the handwriting may be on the wall. Getting into a situation where you'd have to seek permission to get at your boat to get someone else to move it after the gates were closed (at great cost), does not seem to be a worthwhile risk. I'd GTHO if there's any truth in it.

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post #25 of 29 Old 10-26-2012
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Re: Hauled Out & Marina Closes, What Happens?

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Lou no rumors, but a couple of unrelated conversations that taken together make you start thinking what-if...

I threw out a what-if question to figure out where I would stand if the what-if happened.
Of course there are now rumors, and perhaps people will extrapolate who you are talking about, avoid them and that will push them over the financial cliff thus causing said bankruptcy. Self fulfilling prophecy.

See all it takes is a rumor, they can start a run on a bank, or in this case a marina.

I still think if it happens, the banks have no interest in making it easy to get your boat out, and I doubt they would operate the property as a marina, as that is not there expertise. Beyond that the property is likely worth more as a development site. It is likely to be sold to a developer to make into condos. All of the foreclosures I have seen lately have shown banks don't seem to care at all about the properties value. They often don't even do proper winterization and cutting the grass is a luxury.
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post #26 of 29 Old 10-26-2012 Thread Starter
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Re: Hauled Out & Marina Closes, What Happens?



Guys I think this thread has run its course and we're beating a dead horse now.

Not that that would ever happen on Sailnet

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post #27 of 29 Old 10-26-2012
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Re: Hauled Out & Marina Closes, What Happens?

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Lou no rumors, but a couple of unrelated conversations that taken together make you start thinking what-if...
Just one more thought, "what if" the other marina is actually worse off financially then this one and you just don't know because your not around there?

If your going to jump based on a speculation, just be sure you know where your going to land is actually better

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Of course there are now rumors, and perhaps people will extrapolate who you are talking about, avoid them and that will push them over the financial cliff thus causing said bankruptcy. Self fulfilling prophecy.
Or worse, they think he's talking about the marina he's moving too, and that one goes belly up instead, while the one he left is flush with the new business

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post #28 of 29 Old 10-26-2012
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Re: Hauled Out & Marina Closes, What Happens?

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Guys I think this thread has run its course and we're beating a dead horse now.

Not that that would ever happen on Sailnet
WHAT! It's only 3 pages, shouldn't you wait 'til page 10 to say that?

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post #29 of 29 Old 10-26-2012
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Re: Hauled Out & Marina Closes, What Happens?

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I'd keep my eyes open, put the cover on, and wait until Spring. The Bank won't want to alienate potential customers (either marina or Bank) by making you sue them to get access to your property. It would be bad for business.
Between my wife & I we have more than 1/2 century of experience working for banks. Trust me, the ONLY thing they care about is getting the maximum return they can on the bankruptcy. The effect on the customers, boatowners etc. never enters into their thinking.

Illogical I know, but true.

I, myself, personally intend to continue being outspoken and opinionated, intolerant of all fanatics, fools and ignoramuses, deeply suspicious of all those who have "found the answer" and on my bad days, downright rude.
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