Has Anyone Had Problems
Member
Joined: Aug 2004
Posts: 247
Likes: 0
From: Oklahoma
Car: 92 Rally
Engine: 305
Transmission: 700R4
Axle/Gears: 3.27
well that is a complicated issue. more than likely the company that went out of business sold the lien to another company before they closed the doors. since a lien is considered an asset they would be completely crazy to write it off, that would be like throwing money out the door. i was under the impression that a company was required to notify you if they sold your debt, but i could be wrong. however, if u don't owe any money on the lien and your just trying to get it off the title so you can sell it, you shouldn't have many problems. contact the Department of Transportation for your state and they will be able to advise you on what to do.
-Steve
-Steve
Last edited by USA_Rally; Aug 11, 2004 at 08:24 PM.
Supreme Member
Joined: Apr 2000
Posts: 3,187
Likes: 0
From: E.B.F. TN
Car: Tree Huggers
Engine: Do Not
Transmission: Appreciate Me.
Call your state's main RMV and just ask them, nine times out of ten they will have the answer you need. You just have to know how to get it from them. 
Supreme Member
Joined: Jul 1999
Posts: 18,457
Likes: 16
From: Loveland, OH, US
Car: 4
Engine: 6
Transmission: 5
Something "of Motor Vehicles"
Every state's rules (and the name of that agency) are different. No one can give you that kind of advice over the Internet, unless they are familiar with the laws in your states. Usually, someone has to sign off on the satisfaction of the lien; if the company declared bankruptcy, it would be the trustee; if the owner died, it would be the executor of the estate; etc. If the company was a proprietorship and the person simply disappeared, usually there's a procedure for notification, like publish it in a local newspaper of general circulation etc. etc. three times in one month, wait 90 days, then a judge will grant a hearing on releasing the lien. And so on.
Consult a lawyer (which I am not). You're going to be needing one.
Every state's rules (and the name of that agency) are different. No one can give you that kind of advice over the Internet, unless they are familiar with the laws in your states. Usually, someone has to sign off on the satisfaction of the lien; if the company declared bankruptcy, it would be the trustee; if the owner died, it would be the executor of the estate; etc. If the company was a proprietorship and the person simply disappeared, usually there's a procedure for notification, like publish it in a local newspaper of general circulation etc. etc. three times in one month, wait 90 days, then a judge will grant a hearing on releasing the lien. And so on.
Consult a lawyer (which I am not). You're going to be needing one.
Thread
Thread Starter
Forum
Replies
Last Post