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Old 12-12-2014, 12:40   #1
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Altering USCG Documentation

The fateful day has finally arrived 😄 I sent in the final payment on the boat!!

My question is what happens next? Somehow my documentation papers need to show there is no longer a lien on the boat.

Is there something I need to do or does the bank need to do something ?

Rich


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Old 12-12-2014, 13:15   #2
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Re: Altering USCG Documentation

This might provide the answer for you:

http://www.uscg.mil/nvdc/instr/inst%20Sat.pdf

SATISFACTION OR RELEASE
To be filed and recorded in accordance with 46 CFR, Part 67, Subpart S (67.265), a Release or Satisfaction must:
  1. Recite the: Name and official number of the vessel
Name of each mortgagor, if any
Name of each mortgagee or claimant and
The total amount of the mortgage or claim of lien
  1. Include information which clearly identifies the mortgage or claim of lien being released; such information normally consists of the book/batch and page/ID, where mortgage or claim was recorded.
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Old 12-12-2014, 14:56   #3
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Re: Altering USCG Documentation

The bank should send you a release form or letter. You may have to ask for it. Otherwise it will just be taken off the books when the bank closes the lien. At least that's the way it was in Canada. Give the bank manager a call and ask. It might prove worthwhile to have the letter of release of the lien.
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Old 12-12-2014, 18:42   #4
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Re: Altering USCG Documentation

The satisfaction of loan, or release, as they tend to be known in the industry are one of the most important documents you will have. Be sure to file the original in a safety deposit box or safe with all of your other irreplaceable documents. Banks are not required to ever give you another as a replacement. All bank related laws vary from one state to another so check with your banking commission. Banks have been known to try to collect on satisfied loans until proven wrong. Guess how I know........
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Old 12-12-2014, 21:33   #5
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Re: Altering USCG Documentation

The Coastguard will send you notification that the lien has been released, I think it took about a year before it arrived, in the meantime the bank sent us a release within a month.



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Old 13-12-2014, 08:19   #6
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Re: Altering USCG Documentation

Thank you all. I've now a better idea of what needs to happen.

Rich
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