When a financial institution takes title of a boat, motor or trailer it lodges this interest onto the Personal Property Securities Register (PPSR) system. Meaning the finance company has a financial interest in the boat. For those who are unaware an encumbrance is placed on a boat, motor or trailer when it is financed by a second or third party i.e. Today’s article will reflect a true ‘system’ failure for a very unlucky boat owner, who followed the recognized procedure for buying a boat privately. ![]() Over this time, many boat “safety” campaigns have been initiated by Government or Boating Industry Associations (BIA) to come into effect to help reduce the chances of a purchaser either buying a stolen or an encumbered boat. ![]() ![]() I thought it would be a good idea to share with you the highs, lows, expectations and disappointment that an owner who purchased a boat privately in Sydney experienced when trying to sell his boat at JCM.Īs you may be well aware JCM has been buying and selling used boats since 1964 and with over 55 years of trading and staff that have been here a long time, experience always allows us to help our customers avoid a “problem” boat. This article is based on a true story which occurred at John Crawford Marine (JCM).
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