Stollen boat - who owns it??

[coldandhardy]

I recently saw a yacht for sale that was being held in an Asian country by their Customs. It had been ceased by government officials for unpaid import taxes. The true history of the yacht is that she had been stolen in the Med. 4 years ago and abandoned in the Asian country shortly thereafter. The officials are likely to sell the yacht at auction. The insurance company paid out the original owners and apparently collected from their re-insurers.

The officials and the insurance companies have unresolved ownership issues because the thief removed the yacht’s identification sufficiently that it is impossible to identify with certainty (according to the officials) what make the boat is and its serial numbers and who its proper owner is (frankly everyone knows but the test of proper evidence is stronger than the obvious).

Anyway there may therein be an opportunity to purchase a yacht at a considerable discount. I am intrigued by the potential opportunity to purchase her. The original owner no longer has any interest in the yacht whatsoever. I have written to the original insurer of the yacht properly identifying my interest and asking for their response but they fail to respond. I suspect their file is closed as they have probably collected from their insurer (re-insurance).

This leads to an interesting question for me. If I purchased the yacht from the government at auction and sailed it away (after considerable repairs I might add) might I face a lawsuit claiming ownership from the insurance company that paid out the original claim after I spent considerable sums purchasing the yacht and fixing it up? Is there a worldwide registry somewhere of yachts and ownership? How does one trace a yacht without identification numbers etc. (even one of the motors has gone)! The insurance companies apparently have tried unsuccessfully to have the yacht released by the government in control of her due to unresolved identity issues as I stated earlier. I know very well the original name of the yacht, where it was stollen from and the insurance company but it seems to be a closed case for all of them as they do not respond to inquiries.

Any ideas??

 

[BrendanS]

To get a halfway decent answer on this, you will really need to talk to a decent maritime international lawyer. Depends on the cost of the yacht, and if the insurers knowing your interest, would persue you if you purchased it as easier target than a govt dept. Will the govt provide a document providing clear title and back that up if legal challenge ensued (I doubt it)?

 

[ThereAndBack]

Brendan's answer makes a lot of sense - speak to a good lawyer.

In general terms, under British law, no-one can pass-on good title unless they own good title. Presumably, the Asian country's government have legislation in force that enables them to become the boat's legal owner. If that is the case, I would expect that they could legally sell it and the new owner could legally own it.

Having said that, please re-read the first line of this posting.

 

[billskip]

Take note of Brendans reply,also thereandback.
you are interested in a boat that you are obviously "in the know" about and you can see a good deal even if you spend out on repairs..You could however purchace, spend, repair and sail away..UNTIL ONE DAY! and you loose all.

Many years ago I bought a broom scorpio. I paid cash and felt it was legit.(it was)
but I was with the boat one day and a guy brought a policeman along and said it was his boat and it had been stolen years before.I had a big problem proveing It was my boat and it caused a great deal of concern at the time. As said that was back in the 60's ... Today I think you would loose all if challenge of ownership was brought to court with the boat you refer to.
I say again TAKE NOTE OF BRENDON AND THEREANDBACK