petem
Well-Known Member
I was mulling this thread over http://www.ybw.com/forums/showthread.php?284252-Syndicate-purchase-question/page2 and have a query concerning it.
Am I correct in thinking that in the case of a syndicate purchasing a boat using:
1) the MCA Bill of Sale form, that the seller would sign two separate Bills of Sale (32/64 each), each transferring ownership to one of the syndicate members;
2) using the (poorly worded) RYA form then there is a single Bill of Sale that transfers ownership to the syndicate members listed in the Bill of Sale (with their appropriate %'s) in a single document (JFM rightly points out that each owner would require a counterpart).
If so, then would a syndicate owner be able to sell a share independently in option 1) without the agreement of the other syndicate member? Whereas with option 2), all syndicate members would need to consent and sign the form for an owner to sell to another party?
I hope this makes sense!
Am I correct in thinking that in the case of a syndicate purchasing a boat using:
1) the MCA Bill of Sale form, that the seller would sign two separate Bills of Sale (32/64 each), each transferring ownership to one of the syndicate members;
2) using the (poorly worded) RYA form then there is a single Bill of Sale that transfers ownership to the syndicate members listed in the Bill of Sale (with their appropriate %'s) in a single document (JFM rightly points out that each owner would require a counterpart).
If so, then would a syndicate owner be able to sell a share independently in option 1) without the agreement of the other syndicate member? Whereas with option 2), all syndicate members would need to consent and sign the form for an owner to sell to another party?
I hope this makes sense!