trading wheels with a friend but trucks not paid for

[newyearbaby]

my husband traded a set of wheels for nicer than what he had on his truck.But the thing is that the friend that he traded with his truck is not paid for and the wheels were on the truck when hes friend bought the truck. I was wondering if we could get into trouble by having something off of the truck that its not paid for?

[Loosehead]

Technically yes but assuming there are some other wheels on his friends truck I doubt anyone would bother

[Didwot]

Whether or not something has been paid for does not determine whether the buyer or the seller owns it. Usually when you but something on credit you get the goods, and own them, straight away, and you then owe the price to the seller who has no claim agianst the goods, but only for the debt that youi owe him. So it is generally perfectly OK to sell something that you have not yet paid for.

[erimus1]

Sorry Didwot - don't quite agree - When you purchase something, and this is not done with 'money or money's worth', you can still have taken the rights of this as long as you can shomw some form of detriment - this can take place in the form of a promise to pay (teh credit card thing I believe you were trying to speak of) - To make it simple, for a legally binding contract of sale, there must be a benefit and a detriment to both parties.

The old saying that 'posession is 9/10 of the law' can. in some instances be correct, on the proviso that you are a bonafide purchaser for value without notice (property law)

Although you may not have legal title to something, this does not mean that you do not have an equitable interest - and as equity prevails over all other interests, it will prevail. In other words, equity can overeach the legal title of the wheels - simple really.
Good luck, but I shouldn't worry.