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Builder's Liability

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Mark Sletten

Joined: 10 Jan 2006
Posts: 43
Location: St. Jacob, IL (Near St. Louis, MO)

Posted: Mon Apr 24, 2006 5:42 am Post subject: Builder's Liability

Guys, guys, guys,



It's not about providing for the orphaned children.  Most lawyers could care

less about the orphans; SHOW ME THE MONEY!  You may find a lawyer that cares

about the orphans, but they gotta earn a living too.  Here's how it works

(usually).  A poor, destitute, (hopefully) taken-advantage of individual is

injured or killed while using a defective product foisted on an unsuspecting

public by a big, fat juicy manufacturer -- with mucho dinero and product

liability insurance.  The altruistic lawyer comes to the rescue offering to

"help" the poor, destitute plaintiff(s) by taking the case without a

retainer (usually because the plaintiff has no money); they'll only take a

third (sometimes even more) of any court awarded damages or pre-trial

settlement.  Our altruistic friend has researched the situation and knows

the evil manufacturer has cash, otherwise why waste the time?



Now let's consider the case of the "manufacturer" of an experimental

aircraft.  A lawyer must be willing to bring a product liability suit

against an individual with no real liquid assets (you spent all your money

on your kitplane, right!?!) and (probably) no product liability insurance.

Assuming the plaintiff wins, a big assumption considering the plaintiff was

injured or killed flying an EXPERIMENTAL aircraft built in someone's garage

(do ya think they assumed some risk?), the plaintiff still has to collect a

judgement.  If the jury awards my house, plane and cars -- my only real

assets -- the plaintiff has to hassle with selling them.  If they're in a

hurry then those items won't sell at market value.  And after all that

hassle, they only get a third of the total proceeds -- a few year's work for

maybe 30 or 40 grand (for the lawyer).  No matter how much the lawyer cares

about the orphans, they're not gonna take a case like this.  A lawyer stupid

enough to take a case like this won't make much of a legal attack.



I'll even suggest that if you carry a tail (liability insurance held beyond

ownership) you are MORE likely to get slapped with a suit since you (or your

insurance company) have MONEY!



On the other hand, if you've got millions in the bank, you might just

consider buying a plane instead of building one.  Come to think of, that's

what I'd do!



Regards,



Mark & Lisa Sletten

Legacy FG N828LM

http://www.legacyfgbuilder.com

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_________________
Mark Sletten
Legacy FG N828LM
http://www.legacyfgbuilder.com

rv8ch

Joined: 10 Jan 2006
Posts: 250
Location: Switzerland

Posted: Mon Apr 24, 2006 7:00 am Post subject: Builder's Liability

 	  Quote: 	
		   On the other hand, if you've got millions in the bank, you might just

 consider buying a plane instead of building one.  Come to think of, that's

 what I'd do!


	


Or just don't sell the plane.  Why risk your family's future for

100k if you're wealthy?  If you're not, then as you mentioned,

the lawyers don't have much to go after.



-- 

Mickey Coggins

http://www.rv8.ch/

#82007 finishing

do not archive

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Mickey Coggins
http://www.rv8.ch/

flyrv6(at)bryantechnology
Guest

Posted: Mon Apr 24, 2006 7:14 am Post subject: Builder's Liability

I have known of cases where the lawyer took the case because of friendship.

But, the best protection if for you personally NOT to own anything of value.

 Your assests could be in a trust of other protected entity.  Don't loose

control, just ownership.



You could sue me if you want, but I don't own a darn thing.  The cost to

defend a lawsuit could in itself be more than one can afford to loose.

Prevent it!



Tim 

 

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Bruce(at)glasair.org
Guest

Posted: Mon Apr 24, 2006 7:49 am Post subject: Builder's Liability

Yep, it's called 'judgment proofing' yourself. Ironically, a lot of lawyers

use this to protect themselves from judgments. If you live in a

non-community property state, it can be as simple as putting all your assets

except your airplane in your wife's name. Of course, you REALLY have to

trust your wife.



Bruce

www.glasair.org

 



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UFOBUCK(at)aol.com
Guest

Posted: Mon Apr 24, 2006 8:19 am Post subject: Builder's Liability

In a message dated 04/24/2006 10:54:48 A.M. Central Daylight Time,  

Bruce(at)glasair.org writes:



If you  live in a

non-community property state, it can be as simple as putting all  your assets

except your airplane in your wife's  name.

What happens if your wife gets sued ??

 

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rv8ch

Joined: 10 Jan 2006
Posts: 250
Location: Switzerland

Posted: Mon Apr 24, 2006 8:41 am Post subject: Builder's Liability

 	  Quote: 	
		   Yep, it's called 'judgment proofing' yourself. Ironically, a lot of lawyers

 use this to protect themselves from judgments. If you live in a

 non-community property state, it can be as simple as putting all your assets

 except your airplane in your wife's name. Of course, you REALLY have to

 trust your wife.


	


What happens if she gets sued?

-- 

Mickey Coggins

http://www.rv8.ch/

#82007 finishing

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Mickey Coggins
http://www.rv8.ch/

rv7(at)b4.ca
Guest

Posted: Mon Apr 24, 2006 8:41 am Post subject: Builder's Liability

On 9:14:27 2006-04-24 UFOBUCK(at)aol.com wrote:

 	  Quote: 	
		  > In a message dated 04/24/2006 10:54:48 A.M. Central Daylight Time,

> Bruce(at)glasair.org writes:

>

> If you  live in a

> non-community property state, it can be as simple as putting all

> your assets except your airplane in your wife's  name.

 What happens if your wife gets sued ??

Nothing.  She doesn't own the plane, she didn't build the plane, and she

wasn't (presumably) flying the plane.  She's an unrelated third party. 

Hence the "non-community property" statement above.  I believe Canada falls

into this category.

-Rob

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Bruce(at)glasair.org
Guest

Posted: Mon Apr 24, 2006 9:08 am Post subject: Builder's Liability

Um, why would you wife be sued, she's not in the chain of liability?

Contrary to popular belief, lawyers always need a legal basis to sue

someone. If there is none, they (the lawyers) are open to frivolous law suit

claims. If you're worried about your wife being sued for her own negligent

actions, you can always go the trust route or an off-shore corporation

owning all your assets. There is always a way, it just gets more expensive

as you move up in complexity. Big secret, most real wealty people keep the

majority of their asset ownership OUTSIDE of the USA.



While I'm not a lawyer, I've been involved in enough of these things to know

how they work. With all advice, take it for what it's worth.



Bruce

www.glasair.org

 



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