sted

A friend has personal knowledge of a '53 Corvette
that has been in a shed covered since 1954. The
owner bought the car in 1953, made payments for
a year, lost his job, reported the car as stolen, received
an insurance settlement, and hid the car in a shed.
The man has since died but the car is still on the family
property in a shed for 54 years.
The family is afraid to do anything with the car for fear
of exposure to legal problems. The car has less than
1,000 miles on the odometer.
My friend has personally examined the car, it is in very
good condition,and still covered. He has asked if they
want to sell it, but they are afraid of what might happen
legally.
By my reasoning, the insurance company got the title
when they paid the loan company off. So the insurance
company legally owns the car. Statute of limitations would
cancel any criminal problems, but I would think if the insurance
company was still in existence they might want the car.
Would the insurance company still have the title after
all these years?
Would DMV still show the car as stolen?
Any suggestions?
Opinions?
sted

BlackbirdZ07

I don't know for sure, but I agree with your assessment. It was reported stolen, if it's recovered then the insurance company owns it. I would think that if the DMV records go back that far then yes, they'd still show the car as stolen.

I'd try to convince the family that they probably wouldn't be criminally liable because they didn't do anything. I wouldn't want them to try to dispose of the car by giving it to a scrap yard or crusher. It's probably best for them to call the insurance company directly and offer to give it to them. I'm afraid if you call the police they'll impound the car and try to figure out who they can arrest.

I'd be skeptical about the car until you see it for yourself (any '53 Corvette hidden away with less than 1,000 miles sounds like an urban legend) but it'd be cool if it was real!

rayvaflav

As low a production run (300) that the '53 Corvettes had, wouldn't they all be accounted for by now ? Brett ?

Joel 67

No, they weren't collectable for the first 10 or 15 years of their lives. Lots got scrapped or parted out I am sure.

Mike Terry

I would try to find out who the insurance company is or was and contact them. Tell them you heard about this car and you would like to buy the title from them if they still have it because it is a collecters item. Pay them the amount that they had to pay off on. Then if that works, have them make sure the car is removed from any stolen list the police may have because you now have the title not them. Then I would go the the family who has the car and show them the title that you bought and now you own the car. But I would pay them the $3000.00 that the car sold for back in 1953. Then they would not have to ever worrie about it again or anyone coming to get them. Then sell it to me for $10K and I will come and get it. Good luck and hope the car is the real deal.

skyman51

I am sorry guys but these " Have a friend" posts get more incredulous by the minute. I suppose this friend is going to tell these unsuspecting folks that they have a car in their shed woth 500K or more. I have a friend also that will sell you waterfront property in Antarctica. Even if this is totally legit,why would someone buy a car in 1953 for a lot of money and only drive it 1000 miles?

tentuna

Sorry, this will not work, if you dupe the insurance company into selling you the title and they really want the car it is theirs legally, now the question is how would they find out.
There are many was to skin this cat, but none that are really legal, but look at what we are discussing a matter that is 54 years old. Records would most likey be long gone.

ss396t6

I posted this on the NCRS TDB today and here is the link to the responses so far:

http://www.ncrs.org/forums/showthrea...59784&uid=5939

53 Blue Flame Brett

Sounds alot like the new corvette for $500.00 that can be bought because a guy died in it and they can't get the smell out of it.

If the insurance paid it off, they now own it. Statute of limitations??

Have the police run the vin number on the NCIC. If it's not reported stolen.......?????

I agree with Skyman51, lots of "my friend" scenarios out there.

CTJKackster can probably give a better intelligent answer to legal aspects..........

Let's see pics of the car and vin tag.

jimh_1962

I would think California DMV would not have any records going back that far. Ask a CHP officer to run run the VIN number.

Also, I am sure the insurance company has wrote it off by now. You are talking well over 50 years ago. But please give us pictures. If it is stored in Vacaville then there probably not much rust on the car.

John S 1961

take the car to the inspection station (for a vin and frame stamp inspection) and apply for a bonded title, the local DMV will tell you whatever you need to do to get a title, write letters etc..... Just tell them the title is lost the owners dead and your an heir and in 1954 it was probably not even titled just bill of sale'd.

BOB WINSKI

Hey Mike,if he sells it to you ill give you Five grand profit ok Bob W

53 Blue Flame Brett

Don't let Bob take advantage of you!!!!!!!!!!!!!!

I'll give you a fair $5150.00.

Jimsjam33

Statute of limitations . Ha Ha . You just exposed the family to their crime of receiving stolen property and you are a corroborating witness because you know the facts. Of course the vehicle is still listed as stolen in someone's records if not in the National Crime Indentification Computer , NCIC . The insurance company owns the car and their taste of revenge after listening to your story would be to sue the family ( who have knowledge and possession of this embezzlement property ) and make an example of all thieves out there who spend their lifetimes scamming and cheating .
If someone out there decides to take a chance on this stolen item and purchases it ...eventually you'll pay the price . Don't say you weren't warned . In either case it just shows how snakes and thieves get along just fine conniving and scamming 56 years later after the initial crime . Evil lives .....

Power111

Two words:

Mechanics Lien

After this is done, the insurance company has no legal rights to it, however it may not be straightforward since the car is so old.

Each state is different, but you can read all about it HERE

sted

WOW, interesting responses.
I believe the story to be true, but I have not seen the car or know where it is or who owns it.


Next question: if someone bought the car, knowing the background,
are you then receiving stolen property? Which, is a new crime.
What would a car like this be worth?
sted

53 Blue Flame Brett

Not being a smartazz here, but....it's only worth what someone is willing to pay, of course.

We need to know the vin#.

Most likely, this car will never materialize for anyone to know about anyway.

sted

Brett,
You are most probably right, it probably won't surface.
But, I will follow up on it and find out more.
sted

Jim Dillon

Sted, I am an attorney (although I no longer actively practice) but I handled several auto theft and collector cases. I agree there are many stories that are legendary but just for the sake of argument lets say there is some legitimacy to this story. I believe the insurance company owns the vehicle irrespective of whether there is any paperwork filed with the state. Many states have statutes that purge their files after passage of time but that does not mean that one loses their property rights. The purge is bookkeeping not confiscatory. There are some issues with proof at trial but strangely I have seen old records pop up. What I would suggest if someone wanted the car would be to hire an attorney to in essence attempt to broker a deal with the insurance company. They paid off a somewhat small amount due to the theft and they could be made whole with that amount plus interest+. Once the insurance company is made whole then the family as long as they were not complicit in the original insurance report may have some claim. Lawyers for as many of their faults have been known to come up with plausible claims that might not fly at trial but may get the job done in a settlement. If the story is legit it may be fun to play with-Jim

sted

Now that is good advice. Negotiating through an attorney
with the insurance company has got to be the way to go.
Attorney-client priviledge would shield your identity.
Thanks Jim.
sted