On appeal from the Superior Court of New Jersey, Law Division, Monmouth County.
King, Deighan and Havey. The opinion of the court was delivered by King, P.J.A.D.
[216 NJSuper Page 717] This appeal is taken from a judgment denying forfeiture of a Nova Wellcraft pleasure vessel owned by a bona fide or innocent
purchaser for value, T. Jerome Madison. We agree with the judgment and affirm.
The case was decided on the following stipulation of facts.
"1. Dominick Nucifora purchased the 1976 Nova Wellcraft boat in 1977 for $7,000 from a private party in Toms River, New Jersey.
2. This boat was covered for hull loss by the Reliance Insurance Company.
3. During the summer of 1980 Dominick Nucifora agreed with one Daniel Chanski to report the boat lost at sea to the U.S. Coast Guard and the Reliance Insurance Company.
4. On October 19, 1980 Dominick Nucifora did, in fact, report the boat lost at sea to the U.S. Coast Guard and the Reliance Insurance Company.
5. In January, 1981, Dominick Nucifora received a check in the amount of $12,000 from the Reliance Insurance Company as proceeds for the loss of the boat.
6. Within the month of January 1981 Dominick Nucifora purchased another boat with the insurance proceeds. This boat was in turn sold in order to buy another boat for $10,000 which again was sold to buy a family-type boat for $14,500. This last boat was sold for $14,000 cash and the money used to pay off the $6,000 balance on the loan used to buy it and the remainder of the cash was used for personal expenses of Dominick Nucifora.
7. The 1976 Nova Wellcraft was given to Daniel Chanski for no cash. He sold it under the name of Arrow Stable Sales to Steven Thiel who sold it to Robert Froehlich who ultimately sold it to Jerome Madison on June 7, 1983 who registered it under the name of Somerset Central Corporation. Proofs of purchase are to be forwarded by Madison and consist of a copy of the front of a check to Froehlich and a bill of sale.
8. The State alleges and, for purposes of this argument, the defendants Madison and Somerset Central Corporation accept that the boat was seized by the Monmouth County Prosecutor's Office on April 2, 1984 in Bricktown, New Jersey. ...