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Property Abandonment by Finance Company

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Junior Member
What is the name of your state?What is the name of your state? Illinois

In 2001 we had a 1997 Fountain power boat stolen from our son's apartment complex in Las Vegas, NV. The insurance company refused to pay as they said that on Page 12 in section 8 of the policy there was a clause (which we were never told about) that the boat was not covered for theft unless it was stolen from a locked, fenced in enclosure. The finance company, CIT, tried also to help us get the insurance company to pay but to no avail. The fiance company never put a lien on our house. The only thing they did was turn it over to collection and we just never have paid. In Aug of 2004, the boat was found. Were were notifed and had to pay $1,600 to get it out of storage from the Las Vegas DNR. The finance company never put any type of claim to it. So, someone told us that Illinois had a 2 year abandonment law on property and since the finance company did not want it back or did not come after us, it is legally our boat and that we have to file some type of legal papers with the court to get the title to this boat. Need advice as to what to do?

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