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
You didn't document the loan, did you document storage?

If not, then it's your word against his....

I'd sell the records you don't want to keep.  If you don't want to sell them.  I'd donate them.


If I was a lawyer, the first question I would ask is how much did you lend him and follow that up with how much do you think his records are worth. Not asking for the numbers to get a total but asking to determine how much liability am I exposing myself to. 
There are any number of record dealers who post clips on YouTube about large collections they've acquired. I would suggest you contact one of these dealers to ask their opinion of whether you have the right to sell the goods. If their response is encouraging, you then contact an attorney for a consultation about the legality of you selling the property. This could be a single consultation for which you would pay a flat fee; you wouldn't have to involve the attorney any further. I doubt a dealer would buy it from you if he wasn't sure you had the right to sell it.

Another option open is to hire a private investigator to find the whereabouts and contact information for the person who left the records with you. You could then negotiate with the owner, and perhaps get a written agreement to accept the the abandoned property in lieu of payment of the loan. This could also be done through an attorney, who would have established relationship with investigators. Whatever course you take, arrange a flat fee for the attorney's services, and then decide if it's worth it to you.
Perhaps there are two separate issues here..;) One is the money you lent to your 'friend' and which perhaps he now still owes you ( assuming you had some kind of deed or note)- and two- is the sale of his possessions. I do not think they are connected. As such, unless you have his permission to dispose of his possessions, I would be very careful in doing so. ( More than likely there is a legal answer to this point. One which you have been advised to discover). You stored his possessions for 11 years, which was done at your cost, unless you had a lease agreement with him. Interesting conundrum..and one which if you are seriously interested in doing the right thing, should be legally consulted, IMHO.