Boat loans for a US citizen/non-citizen couple

[ksuderman]

Originally Posted by Tenedos

Thanks this is helpful. It is interesting though, can't the members change the board members if they want?

I am not a lawyer, but it is my understanding that the shareholders elect the board members. So if there is only is only one shareholder they essentially appoint the board members, and the board appoints the corporation's officers.

[Shrew]

Often the reason for requiring the boat be documented is because that process creates a Title for the boat. Ultimately, the lender simply wants to be listed as a lienholder on the title ensuring they collect the balance due on the loan at the time of sale.

In the US, registration is done by the state and not all states title vessels. Enquire further and find out if ultimately the lenders requirement can be satisfied if the vessel is registered in a state that issues a title, with the lender as the lienholder on the title.