A Record Collection/Moral Conundrum - What Would You Do?



Folks,


I’ve been rolling around an issue and I’m simply curious what others would do in my place.


Here’s the situation:


I had an long time great friend and audiophile buddy who I’ll call "John." Around 2009 or so John wanted to open a restaurant. I lent him some money. You already know how this story goes and why we aren’t friends anymore.


But to add some detail, he asked for a heap of money because he was in a fix - said he was expecting a bunch of money (from the government as I remember - showed me some papers about it) but it was going to show up a bit too late, so could I lend him the money just for about a month then he’d pay me back. I explained I was just starting a renovation of a room in my house turning it in to my long-dreamed of home theater, which I’d saved for, and that it would come out of my own savings for that project. I was very hesitant, he begged, promised it was only for a few weeks. I said I could lend him 1/2 of what he was asking (otherwise I couldn’t even pay for the contractors coming).


One of those situations where long time, very good friend who I knew was a good person, who was only ever honest with me, needed help. So I stepped in. That’s always how it goes, right? Yes, I learned the hard lesson about lending money.



Needless to say the money didn’t show up the next month. Or the next. Or the next. Whenever I asked it was another story on how the restaurant was sucking every spare dollar, he’d pay me as soon as he could. Of course the restaurant quickly went under. I was like "I need that money, I have contractors to pay" and he just said he didn’t have any to give. Next he told me he was selling his house, downsizing, and he’d use the funds to pay off his debts including to me. Ok. What else was I going to do?


He asked if he could store his much beloved record collection at my place while he sold his house. Ok. Several boxes full of nice records took up (some valuable) real estate in my basement.


Basically I never heard from him again. Heard he sold his house, but that was it. Other friends have been in occasional contact. I’d been hoping that with his records here maybe he’d show up one day. Of course not.


So...now...11 years later!...I need some money. And I’m cleaning out the basement, wanting those records out of there.


I could sell the records and at least make some money.


The question for the audience is: Do you do it?


The case for selling them seems relatively obvious. He stiffed me for many thousands of dollars that he never paid back. Had me store the records forever while he went AWOL. Clearly has zero intention of ever picking them up.Every arrow points towards "They Are Mine Now."


Except...I have a conscience. He never formally gave them to me.


So, would you try to track "John" down to ask if he wants his records back (and explain otherwise I’m going to sell them)?


Or would you just go ahead, assume ownership (and payback) and sell them?


Floor is yours.



prof
They are yours by default, by default he never paid you back and by default you haven't heard from him on 11 years.
I was in the similar situation, but without records or anything I could sell to get my money back :(

In your situation you have to check the value of the record collection first. Those dealers won’t pay much for collection if you want to sell everything at ones. You’re lucky if there are some rare records that cost a lot, but there might be only some cheapies, who knows. Did you check the titles? Use popsike.com to check for final auction prices, use discogs to check for price statistics. You could sell some of the rarest and most expensive records if there are any. 

Personally I wouldn’t sell record collection if there are good records I could listen to.
You have been in possession of the property for 11 years, I don't care if it's a 50 million dollar Picasso. The guy abandon it.. Plain and simple..

BTW 30-90 days at the max and you can sell the proceeds pay YOUR debts for storage and HE would have had 6 months to collect the difference including any EXTRA cost you may have ensued for housing HIS abandon property..

Honestly, he STILL owes you the money and he legally abandon THAT property eons ago.. I've gotten a FEW judgements in my life, 3 to be clear. NEVER collected on one. They were all BUMBS, liars and thieves.

Call them what you like.. 1 in 100 restaurants make it for 20 year..
1 in 10 for 5 years.. What the heck were you thinkin.. :-) Hind sight.. ay..

Goof ball friends.. I had one STUCK in Bolivia, no money.. IN JAIL..

What do you do, leave him there?  I did for 12 days, stupid $hit. LOL
Exactly. They’re abandoned, do whatever you like with them. Answer would be the same whether he owed you money, or not.
I wouldn't go the attorney route or you'll just end up with another bill to pay.
I'd try to contact him regarding the money he owes informing him you really need it, if he says he still can't pay I would remind him of the records and tell him of your intent to sell and subtract whatever is made from what he owes and ask him to set up a repayment schedule.
Did you give him anything in writing about these records belonging to him? Are they serialized? Sell them and don’t fret. You have gone beyond what any normal and righteous person would have done given the situation.
Sell.
But selling LPs ain’t easy.
If you try a big stage like eBay maybe he will buy back his old records - with your money.

Didn't Curb just do something about borrower dementia?  
I forget.

I’m amazed you’ve held on to the LPs this long. You’re a good guy. Now sell them.
I'm not going to claim an attorney or inerrant. But I have been in Business for over 40 yrs. I think that 11 yrs absence has long since broken any type contractor of contract, verbal or written. But as @mikelavigne has said, it won't be a bad idea whatsoever to ask an attorney It all  hinges on the agreement you had with him.
Records as collateral = Fine. Or did you "store them" If so, You''ll lose IMO.  Terms of the loan are very important. If  he says it was a gift, you will have to prove it was a loan . Sorry. I'm a past maybe/nearly lawyer Check with a real one. My degree comes from Holiday Inn Express
There may be a question of adverse possession.  It's possible that your ex-friend legally may have  a claim for ownership of your basement.  You fell right into his trap.
You have every right to sell the records as your own without any pangs of conscience.
I don't see any need to consult an attorney as he can't prove that he gave them to you, just as you can't prove that you loaned him money. 
This is pretty simple. Even if you sell them he still ends up ahead considering storage fees and interest lost.

Thanks Mike.
What if I’m able to find him to suggest a decision: either pick them up, or put in writing (email) that he has given them to me.?

document your research process and the whole episode, and then proceed. you can also research the value of the long term storage of the records and rationalize it that way. but document it and your reasoning.

just the facts.

then sell them.

Thanks for the replies so far.


Cripes almighty I never considered getting lawyers involved.(No I don't have any document of the loan that I recall - perhaps an old bank statement, but that's water under the bridge that I'm not going to re-visit)



I'm in Canada.


A quick google on my province only yields law pertaining to landlords (when they can dispose of/sell property left behind by tenants).   Basically it's considered abandoned after 1 month.  If the landlord sells the stuff the tenant has up to 6 months to claim any money.   Clearly 11 years later is a different ballgame, but I have no idea if this stuff pertains to individuals.

Nothing I can find on the matter.

i would consult an attorney before you sell the records. or study the local property laws and establish some sort of legal basis of selling them.

i’m assuming you documented the loan.

every state has an unclaimed property law. it may or may not pertain to individuals. i just signed 150 checks totaling $9000 for un-cashed checks to customers. and we have to send $3500 to the state. we are required to do it once a year.

it’s the law.
Some "friend" you had there!  "Friends" and money "agreements"  can get weird.

11 years? Take the hit, and wipe your hands clean.

If you're an LP fan, I'd cherry pick for the "stampers", dump all the rest. 
Either try and unload the lot to a store, or give them away to friends who can appreciate them.

Selling individually will take a long time, with little or possibly  NO success.

Unless you have specific genre ORIGINAL press/unmolested LP's, they're essentially worthless.
Post removed 
For starters you need to contact notify your X-friend about your intentions...

https://upgradedhome.com/how-long-can-someone-leave-their-property-at-your-house/

This blurb "claims" that the info is for all 50 states (if you live in the USA), but I would still double check with your state.

Personally, I always strongly attempt to abide by the law(s) (except in rare/extreme circumstances where a decision needs to made immediately).

DeKay
"Basically I never heard from him again. Heard he sold his house, but that was it. Other friends have been in occasional contact. I’d been hoping that with his records here maybe he’d show up one day. Of course not.


So...now...11 years later!...I need some money. And I’m cleaning out the basement, wanting those records out of there."
 I see NO issue here,the records are yours to do with as you please.