Matthew Russotto wrote:
> In article .com>,
> Harry K > wrote:
> >
> >
> >Matthew Russotto wrote:
> >> In article . com>,
> >> Harry K > wrote:
> >> >
> >> >On every car I have owned the registration has a place for LEGAL OWNER.
> >> > It is the lien holder.
> >>
> >> Care to name the state?
>
> >Washington. I'm not equipped or I would fax a copy of my reg.
>
> OK, maybe 49 states then. Washington State is strange. There's a
> "registered owner":
>
> RCW 46.04.460: "Registered owner" means the person whose lawful right
> of possession of a vehicle has most recently been recorded with the
> department.
>
> and there's one or more "legal owners"
>
> RCW 46.04.270: "Legal owner" means a person having a security interest
> in a vehicle perfected in accordance with chapter 46.12 RCW or the
> registered owner of a vehicle unencumbered by a security interest or
> the lessor of a vehicle unencumbered by a security interest.
>
> Who really owns the vehicle? The terminology muddies the waters. But
> it's certainly not true to say the debtor doesn't; he is the
> "registered owner".
> --
> There's no such thing as a free lunch, but certain accounting practices can
> result in a fully-depreciated one.

You're beating a dead horse. A person who signs a note for anything
only -owns- that portion of the object that he has paid equity for. If
you really think that you own something the instant you sign a note,
just stop paying. See how fast the real owner comes out of the
woodwork. A bit more of the hooker in debtors law. Say you sign a
$20,000 car loan and quit paying after $14,000. They repossess the
car. You now have no car and you still owe the remaining $6,000 plus
interest. The bank can try to sell the car to recoup their money but
if they can't you wind up oweing the difference between what they got
and what you owed.

Harry K