Coin collector in need of advice

atarian · August 31, 2010 6:29AM

Ok I had a note on hold with a dealer Owner A. 900 item paying off a little at a time. Item of purchase wasnt in the store inventory but belonged personally to Owner A. I got about 150 into it then some time later Owner A sells store to Owner B. Still no issue item is owned by Owner A and is now employeed by Owner B while he learns the book keeping and inventory from Owner A. Now Owner A died. So I stopped in today cause I know my note was on hold in the safe with my name and number on it. ( mind you never a phone call after the death to let me know whats going on. ). I went to pay another 50.00 on my note and work to pay it off to be told it isnt here anymore. The fact when Owner A died all his personal coins and currency that was stored in the store was taken out. and moved for the estate and to be broken up. Owner B is already confused by my question of what do I do. He says the son still works here 1 hr or 2 hrs a week on saturday to help out with the store. He took down my number and said he would call when he knew what was going on. He politely explained to me odds are the note will be gone forever since its in the estate and wasnt part of the coins and notes that was in the stores inventory when he bought it. ( A case of some items forsale from when Owner A was there was personal mixed with business. ) But the fact that Owner A had so much stuff that it will take years with lawyers between family members ( basically a mess). So he said he would talk to the son and see what he can find out and see if the note is still in the envelope with my name and number to find out how much exactly was paid off so he could work with me.

SO .

What do I do? What do I do if the envelope is lost. note is missing etc. The son should know about it cause he was there when it was on hold and when i was making payments. The new owner was very nice polite and obviouisly overwhelmed with the new store he bought and is trying to do the best he can with his invoicing, track of want lists and also running the day to day sales from walk ins. But was wondering what do I do from here while i wait what if there is no record but the son says yes he was paying it off but I dont recall the amount he had paid off. . Do you think ill be out everything? By the way the new owner has treated me and was willing to work with me i wouldnt mind store credit if he doesnt feel comfortable with paying out cash on something noone has an exact amount on. Its a waiting game for now But has anyone been through anything like this?

relicsncoins · August 31, 2010 6:36AM

I think your best bet is to contact the son. He is the most likely person to come up with a solution.

airplanenut · August 31, 2010 6:37AM

This is much tougher if there are no paper records. If the item was never in the store inventory, it's very possible that the cash flow was never with the store, either, in which case the issue is with the estate, not the coin shop.

atarian · August 31, 2010 6:50AM

The good thing was there was a paper trail on it. The only thing is if its still with the note. I know the son will remember it cause he worked with me on it. I cant believe its possible for both the note and my payments be lost to the estate. I saw the cash payments go in the register. That would be enough for me to think its a coin shop item. He was the owner he could have just pocketed it with the note. Eh see what happens. worst case 150.00 lesson but I hope not

Batman23 · August 31, 2010 6:56AM

Worst case you might have to file a claim against the estate? Maybe an attorney will chime in?

MsMorrisine · August 31, 2010 6:57AM

ouch.

this one is tough... almost like it could require legal advice.

The Executor(s)/Executrix(-trices) of the estate are the probably the best people to contact, although if you have an "in" with the son I would continue to work that angle as well. I would be looking to contact them ASAP, and have the best description possible readily available along with any and all paperwork you might have. You need something to prove that you had proprty on lay-away, how much you paid, and what the property was. If the son can vouch for you... all the better.

Since the note was personal property of the previous owner, I would not expect anything from the new owner, B.

ricko · August 31, 2010 6:58AM

Good luck with this issue.... on the surface, I think you may lose out. I hope not. Cheers, RickO

renomedphys · August 31, 2010 6:59AM

Reminds me of an opposite scenario on an eBay transaction once. I got paid for an item and shipped it after confirming with the buyer. Three weeks later the item shows up back at my house. No explanation. Tried to contact the buyer. No dice. The number had been changed. Sent a letter to the address. It was returned. Tried to refund paypal minus the shipping cost. The account was closed. Oh well.

I ended up giving the item to my Dad instead of trying to resell it as an attempt to balance things out, but it still bothers me.

jesbroken · August 31, 2010 7:01AM

Did you not get a receipt on initially entering into the transaction and again as you made payments on the note? If so, their should not be an issue as to losing your investment, but perhaps the ntoe. If not, your hope relies with the son's memory and honesty.
Best of luck.
Jim

Bochiman · August 31, 2010 7:24AM

Sorry to hear this. Could be bad since you didn't get any kind of memo/note acknowledging what was going on to keep yourself.
I would never want anything to be 1-sided like this.

HalfStrike · August 31, 2010 7:42AM

It sounds like you need to contact whoever is in charge of the estate and file a claim because they have to pay off all his debts. I would guess they give you two choices on what to do, pay the rest of the money owed to get the coin or get a refund on the amount paid and they keep the coin.

cladking · August 31, 2010 8:08AM

<< The good thing was there was a paper trail on it. The only thing is if its still with the note. I know the son will remember it cause he worked with me on it. I cant believe its possible for both the note and my payments be lost to the estate. I saw the cash payments go in the register. That would be enough for me to think its a coin shop item. He was the owner he could have just pocketed it with the note. Eh see what happens. worst case 150.00 lesson but I hope not >>

I would contact the son personally and politely "demand" the note at the
agreed price or a refund. If he bargains in good faith and you can't come
up with the balance then he should provide a refund. It's possible you'll
have to get in line but this sort of thing is more easily taken care of out-
side the estate. If the son isn't the executor and won't help then contact
the executor.

You do have a valid claim on the note or the estate.

I would not get a lawyer.

coolest · August 31, 2010 8:25AM

<< 

<< The good thing was there was a paper trail on it. The only thing is if its still with the note. I know the son will remember it cause he worked with me on it. I cant believe its possible for both the note and my payments be lost to the estate. I saw the cash payments go in the register. That would be enough for me to think its a coin shop item. He was the owner he could have just pocketed it with the note. Eh see what happens. worst case 150.00 lesson but I hope not >>

I would contact the son personally and politely "demand" the note at the
agreed price or a refund. If he bargains in good faith and you can't come
up with the balance then he should provide a refund. It's possible you'll
have to get in line but this sort of thing is more easily taken care of out-
side the estate. If the son isn't the executor and won't help then contact
the executor.

You do have a valid claim on the note or the estate.

I would not get a lawyer. >>

A lawer?

He was worried about losing $150

A lawer would cost hundereds at a minimum.

At this point maybe he should be happy to save $850.

atarian · August 31, 2010 8:40AM

My relationship with owner a was great. We used to do deals if one had an outstanding balance we took care of it the next visit there was never a reason to worry he had the info on the envelope an knowing how trust worthy e and son are/were I was more than comfortable. It was more a personal relationship after time than business

MsMorrisine · August 31, 2010 8:49AM

<< 

<< 

<< The good thing was there was a paper trail on it. The only thing is if its still with the note. I know the son will remember it cause he worked with me on it. I cant believe its possible for both the note and my payments be lost to the estate. I saw the cash payments go in the register. That would be enough for me to think its a coin shop item. He was the owner he could have just pocketed it with the note. Eh see what happens. worst case 150.00 lesson but I hope not >>

I would contact the son personally and politely "demand" the note at the
agreed price or a refund. If he bargains in good faith and you can't come
up with the balance then he should provide a refund. It's possible you'll
have to get in line but this sort of thing is more easily taken care of out-
side the estate. If the son isn't the executor and won't help then contact
the executor.

You do have a valid claim on the note or the estate.

I would not get a lawyer. >>

A lawyer?

He was worried about losing $150

A lawyer would cost hundereds at a minimum.

At this point maybe he should be happy to save $850. >>

of course, but maybe he has friends...

anyway, it would back up what I wwas saying.... owner B doesn't owe you anything.

astrorat · August 31, 2010 8:54AM

It sounds as if the only records of transactions were with the note...correct? If so, and the transaction records/envelop is lost, then legally you are out the funds since no record of the transactions can be produced. While it's great that the store owner and son appear honest and want to work with you, however, if no records exist then you are not in a position to "demand" anything. Other than your word (and you are probably a stand-up, honest person) what does the new owner have to go on to verify the amount you paid on the note?

I hope this works out for you and the dealer...sounds like a horrible situation (between the dealer's death and the disposition of the note).

Lane

Constantine · August 31, 2010 8:55AM

Owner B might not owe him anything, but he may not want to loose what is obviously a customer of the store. I certainly wouldn't want to lose a customer especially if I just took on the shop.

Jay, it sounds like an unfortunate situation but really due to the death of owner A and what sounds like a person you had a personal relationship with. Continue to talk to his son. The good thing you have going for you is if worse case scenario, no note or record is found ---you are talking about $150 here. Hopefully with decent people you are talking about a sum that on face value could be trusted, and hopefully not break the bank to repay you. Point being, you aren't "claiming" $1500 you need back etc etc.

I don't think there really is a lesson learned here either. You were doing business with someone you had to have some trust and friendship in and it sounds like to some extent there was/is a paper trail. This person passed away and you need to dig through a little mud to get things straightened out. The words "legal" and "lawyer" seem so unnecessary to me, given the amount, and where you are right now in the situaiton.

Hopefully, at least that is my picture of it and hope it turns out well for you.

MsMorrisine · September 8, 2010 11:38AM

any update?

Coin collector in need of advice

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