Bought Trailer- then its reported as stolen.

I hate lawyers but if looks as though you need legal advice. If all goes south you may have recourse against the title company.

 

Did they give you a title? A clear new title saying they owned it? Nope...is my guess if it is bank owned they will take it back...banks dont lay down real easy...I would also bet theres no bond from the selling party...most bonds are for new trailers....new title equalled all good. I hope you win.


Be Safe Out There

Captain Dave

 

Never buy any equipment without researching the title first. I know this is a little late, depending on what you paid for the trailer. Get an attorney, or just use the trailer as a storage box.

 

It most likely is the case, I think you are in California, while I don't know the specific laws in that state, that is generally how it works. I'm sure the towing company went through the proper channels, this is their business, and unless it's a small time 2 cent outfit, this ain't their first rodeo.

 

This is how I see it went down also. I think after the investigation you will find that the towing company had legal rights to the trailer.

Don't abandon the thread, let us know what happens!

 

Towing company won't stay in business long if they make a habit of selling stolen property, so chances are pretty darn good they followed the law to the letter. Like others, I think the previous owner either wasn't paying attention or thought the tow company was bluffing when they said they'd sell it. When they called the tow company a day late and a dollar short and found out the trailer had been sold, the original owner reported it stolen because in their mind, it had been. Problem (for them) is, the law allows tow companies to do just this in order to clear their lot of vehicles owners either are unable or unwilling to pay the bill or the bill amounts to more than the vehicle is worth so the owner simply abandons it at the tow yard.

As long as you cooperate with the police investigation, you have nothing to worry about as far as receiving or possessing stolen property. You're doing the right thing by contacting the police and letting them investigate the matter as soon as you learned it MIGHT have been stolen. I wouldn't use it for storage or anything else until the investigation is complete...because at any time, the police might decide the potentially stolen property should be in their possession/impound yard and that means anything you're keeping inside goes to impound as well.

Just be patient and cooperative, and let the investigation play out.