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Old 06-30-2016, 05:33 PM   #141
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Go to the Sheriff's department. They can tell you exactly what the process is and what your obligations are as well as when you can get them involved.

Hurry. My next fear is bankruptcy being filed.

Every state is different and I certainly don't know Washington. However, by some state laws this might not qualify as a bad check. Something about antecedent debts that a check used to pay a debt isn't a bad check as the debt was already there.

If he doesn't satisfy you quickly, time to get an attorney involved. Maybe past time. Just have evidence documenting that the check is rejected.
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Old 06-30-2016, 05:57 PM   #142
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As interested as we all are, I would suggest you posting nothing else about this on the forum until it is completely resolved. Don't open yourself up to problems. When it's finally resolved then we'll all be interested in hearing.
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Old 06-30-2016, 06:35 PM   #143
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I feel for you 89. While buying a boat is not a completely pleasant experience, yours has not gone well so far. Wishing you the best outcome!
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Old 06-30-2016, 07:13 PM   #144
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Really sorry for you 89. I`m with B&B, bank the check, it may yet be paid, if not it completes the offence,for whatever that may be worth.
Is there any industry default fund for boat brokers? Some professional and service organizations here have an umbrella fund to cover defalcations, maybe one of our broker members will know.
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Old 06-30-2016, 09:41 PM   #145
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I'm pissed off - in your behalf.
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Old 06-30-2016, 10:55 PM   #146
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Agree, its lawyer time.
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Old 06-30-2016, 10:57 PM   #147
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Really sorry for you 89. I`m with B&B, bank the check, it may yet be paid, if not it completes the offence,for whatever that may be worth.
Is there any industry default fund for boat brokers? Some professional and service organizations here have an umbrella fund to cover defalcations, maybe one of our broker members will know.
yes- their commercial general liability and/or E&O insurances.
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Old 06-30-2016, 11:10 PM   #148
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yes- their commercial general liability and/or E&O insurances.
That`s entirely different to what I had in mind. I`m wondering about, but won`t pursue, aspects of insurance. It would involve expressing a view, which could be premature or defamatory, about what happened.
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Old 06-30-2016, 11:31 PM   #149
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I've been following this thread and I agree with Art...I'm pissed off on your behalf too.
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Old 07-01-2016, 05:39 AM   #150
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Peter will give you good advice. Listen to him. The fact he's a member of CPYB gives you some leverage. Unfortunately, there are, to my knowledge, still only two states requiring yacht brokers to be licensed.
True.

But there are laws that regulate escrow accounts; how they are established and maintained. A key issue is that any offer must articulate when and how escrow monies are released and to whom.

Any lawyer can act as an escrow agent with monies deposited into their IOTA. An individual or corporation can also be an escrow agent notwithstanding lack of licensure as a Yacht Broker. They must be bonded with sufficient coverage for all deposits and each escrow must be in a separate account "in trust for".

I'd be surprised if Washington law doesn't cover this.


Washington State corporation search shows no such entity
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Old 07-01-2016, 07:32 AM   #151
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Time to visit the sheriff.
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Old 07-01-2016, 11:05 AM   #152
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True.

But there are laws that regulate escrow accounts; how they are established and maintained. A key issue is that any offer must articulate when and how escrow monies are released and to whom.

Any lawyer can act as an escrow agent with monies deposited into their IOTA. An individual or corporation can also be an escrow agent notwithstanding lack of licensure as a Yacht Broker. They must be bonded with sufficient coverage for all deposits and each escrow must be in a separate account "in trust for".

I'd be surprised if Washington law doesn't cover this.


Washington State corporation search shows no such entity
Laws vary by state, but this doesn't qualify as a regulated escrow or trust account unless a lawyer was the trustee or a bank, and we know neither of them were.

As to the entity, I posted earlier it's a fictitious name and the company to which the name belongs is a Washington LLC.
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Old 07-01-2016, 02:52 PM   #153
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Laws vary by state, but this doesn't qualify as a regulated escrow or trust account unless a lawyer was the trustee or a bank, and we know neither of them were.

As to the entity, I posted earlier it's a fictitious name and the company to which the name belongs is a Washington LLC.
Thanks BandB. I saw your post after I posted. Funny, I ran his name also and nothing came up. I can only speak to Massachusetts - but there are pretty stringent requirements for holding deposits or escrow. For example, landlords are required to keep security deposit, etc. in a separate joint account with the tenant co-signature. Others who hold escrow, etc. need to be bonded. Might be worth a look to see if this guy is bonded....
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Old 07-01-2016, 03:03 PM   #154
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Thanks BandB. I saw your post after I posted. Funny, I ran his name also and nothing came up. I can only speak to Massachusetts - but there are pretty stringent requirements for holding deposits or escrow. For example, landlords are required to keep security deposit, etc. in a separate joint account with the tenant co-signature. Others who hold escrow, etc. need to be bonded. Might be worth a look to see if this guy is bonded....
Strong real estate laws. Strong laws for attorneys or banks. In FL, a law although not as strong for boat brokers. They're actually under the Condominium and Timeshare unit. Title companies are bonded. But a brokers escrow account is about as protected as a layaway at a dress shop. It just doesn't have the protections the others have. Real estate use to have these type problems and that's where their regulations came about. There have been lawyers to take money from clients funds and so those regulations were stiffened.
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Old 07-01-2016, 03:15 PM   #155
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The moral of this story for me is do not submit an offer unless all T&Cs are covered and do not remit a deposit until acceptance and only if it goes to a qualified escrow agent. I was a RE Broker for many years. State law only requires a $5K bond. But my E&O insurance required a bond equal to 10% or the brokerage gross transactions. Never had a problem - but then I'm not a thief.
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Old 07-01-2016, 04:23 PM   #156
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The moral of this story for me is do not submit an offer unless all T&Cs are covered and do not remit a deposit until acceptance and only if it goes to a qualified escrow agent. I was a RE Broker for many years. State law only requires a $5K bond. But my E&O insurance required a bond equal to 10% or the brokerage gross transactions. Never had a problem - but then I'm not a thief.
Many persons who end up looking like a thief really are not. They just get caught up inside a mix-up that has several players... some who are thiefs but never get accounted for.
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Old 07-01-2016, 05:47 PM   #157
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This whole situation makes me queasy. We're in the process of buying a boat now and did not submit a deposit until the seller accepted the offer. We had 3 days to get the deposit in after the seller accepted. Had we not gotten it in the whole thing is void. Our buyers broker is seriously professional. so thankful for him.

Mr. 89, so sorry you are going through this.
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Old 07-01-2016, 06:16 PM   #158
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I am not so sure the system is flawed so much as folks understanding of it. A buyers broker doesn't really represent the buyer. Even the buyers broker is working for the seller and is paid by the seller.

I am not as cynical as you, but maybe I am younger and less experienced? I have dealt with plenty of very honest and ethical people and generally will assume that anyone I interact will be as well until they prove otherwise.
OMG............Dhays Was I really being cynical!........Well dammit it's official. I have turned in to my Grandfather. When and how did that happened. It was not intenisional.
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Old 07-01-2016, 07:17 PM   #159
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Dear Members!

My case has concluded. I have my deposit in cash, in my hand.
There is lot more to say about the recent events, but I wish cut it short for now.
However, I want to say something to All of You!
I am honored and privileged to be a member of this community! I have not had this type of care and support I received from all of you, for decades. It is a great feeling to be here.
I thank all of you from the bottom of my heart for this.
I promise, I will sleep better tonight and forgive me, if I am being a bit emotional. It happens when approaching 64. It is time to move on. I hope we all do that.
I wish you all a wonderful weekend, wherever you are in the world!
Your friend;
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Old 07-01-2016, 07:24 PM   #160
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Good for you!!!! We are in the process of making a offer on a boat and because of this thread, I have changed my offer so that I will make the deposit after the seller has accepted the purchase offer.
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