QUESTION
Company A scraps an asset and gives to unrelated company B. What document should be used to for company B to show ownership?
Asked on Dec 30th, 2020 on Business Law - Texas
More details to this question:
A customer of mine has scrapped a piece of equipment that my company has taken ownership of. I have an email saying he has agreed to give to me for free. Besides a BOS what document is best used to show transfer of ownership?
1 ANSWER
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Certainly a BOS. If the equipent orginally had its own title (car, boat, airplane, etc.) then you need a title document. Ask the person giving it to you if they have a title to it. If it's not required to have a title, then the BOS is likely all you need. Otherwise you need to transfer the title, and possibly seek a new title certifiate if the old one has been lost.
Mark P. Brewster
Brewster Law Firm
mark@markbrewsterlaw.net
(210) 437-1232
Answered on Jan 26th, 2021 at 12:40 PM