T.R | Title | User | Personal Name | Date | Lines |
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793.1 | why document with USCG | SRFSUP::PAPA | | Thu Apr 14 1988 11:33 | 8 |
| -> One from the Pacific <-
Could someone please explain the advantages of vessel documentation
through the United States Coast Gaurd.
thanks,
John
|
793.2 | some advantages | LAVXC2::BERENS | Alan Berens | Thu Apr 14 1988 11:43 | 16 |
| Well, documentation:
Avoids state registration -- no ugly numbers on your bow -- and annual
renewal is (currently) free. I have no desire to contribute any more
of my wealth than necessary to the Commonwealth of Massachusetts.
Supposedly establishes clear title (ownership) to the boat. Some states
(Massachusetts may be one of them) do not title boats, so that legal
ownership of an undocumented boat may be questionable.
Means that you are an United States vessel, which may make
entering/leaving foreign countries easier, and the foreign government is
less likely to question your ownership of the vessel. The documentation
paper is a somewhat impressive document.
|
793.3 | Must be Registered in Connecticut | MERIDN::PASCUCCI | | Thu Apr 14 1988 12:16 | 17 |
| Documentation does not avoid registration in the state of Connecticut.
Ct removed the "property" tax on boats several years ago but aranged
new and much more expensive boat registrations. To regain the lost
revenue from taxes the ruling is if in Connecticut waters for 30
or 60 days (I forgot which) you must have a Connecticut Registration
(currently $150.00 for a 32 foot boat. If the vessel is documented
you will not receive or have to display the state number on the
bow but you must have the registration (date) sticker on the bow.
The date sticker is a different color for a documented boat vs
a CT. numbered boat.
Being that Ct. does not Title boats most banks, if your financing,
require Federal Documentation. Beside not having to display a number
on the bow the only advantage in this state for documentation is
you might be able to get your loan.
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793.4 | Besides, lenders sometimes require it... | BMT::SAPIENZA | Knowledge applied is wisdom gained. | Thu Apr 14 1988 12:17 | 2 |
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793.5 | Self documentation not allowed by Bank | MERIDN::PASCUCCI | | Thu Apr 14 1988 12:26 | 8 |
| Sorry, I forgot to add this in the last reply, but my bank, Maryland
National, would not allow me to process my own documentation. By
using a Documetation service, at the closing, I was required to
pay the documentation service company to complete the document which
proved to the bank that it would be completed. I guess they don't
trust individuals will continue the effort if something goes wrong once
the financing is completed.
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