I have someone who owes me a sum of cash. Their car paid off, with wholesale of low-mid five figures, they have offered for me to take title to the car as security, with a signed Agreement. How can make sure I have rights to that car before anyone else filing a lien on that car?

I mean, I can get a promisary note but if some creditor wants to come and take his assets, including paid off car, I am out... I want to make sure my name is there for first dibs on that car should he not pay.

Any ideas? I mean this is what those title loan companies do in the poor parts of town.... I imagine they take the customer's car,and I could probably do the same.

Any one in legal that knows?

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1995 E320 smoke silver / parchment

I assume you are in Florida.
1. Go to Office Depot and purchace a "form" Promissary Note that is applicable to FL - execute the document with the borrower and list the vehicle as collatoral.
2. On the FL title is a "Leinholder" information block -complete that information listing you - then take to DMV and have title re-issued. It probably will go back to owner as I don't believe FL is a title holding state (?), but will list you on title.

If the borrower does not repay to the stipulation in the Promissary note. Beginning October 1, 2001, for a money judgment to serve as a lien, Florida will require filing of a Judgment Lien Certificate with the Florida Department of State, not the local sheriff. Then call Joe the Repo guy and pick your car up.

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That was pretty through, yeah FL.

heading to office depo... I have the title myself, and do rememeber the lien section where banks put their stuff on there. If it goes back to him that is fine. as long as I am listed as the lien holder.

So easyl....

Shouldn't this involve a notary public at some point?

Sixto
95 S420
87 300SDL

notary? Yeah, for the Note.. TItles in the state of FL, don't require to be notorized when being transfered, so I imagine its the same in this case...

The titles here in FL have a section for Lien holder to sign when they release, but nothing for them to fill in to FILE the lien. Guess it has to be done in person... what a pain to go to a tag agency office

Thanks for the heads up.. yeah, I need to do all this by the book. I don't want to be left out in the end should I need to excercise my right of lien.