Interesting read

[BobC]

And here's another possible comparison and situation you may want to think about and keep in mind between things like crypto and you card collection.

https://news.yahoo.com/bad-news-thou...000549637.html

It has been brought up here on the forum before about cards that people may have that are held by AHs, consignees, and especially in "vaults", for or on their behaves. But what if something happens to one of those entities while they have your cards in their possession? It looks like in this particular crypto story/situation the supposed owners of the crypto balances don't actually own what they originally put into the crypto entity/exchange, and somehow became unsecured creditors of their own assets/money.

It was Adam/exhibitman, I believe (and thank you Adam), that originally advised about users of things like "vaults" maybe wanting to look into filing UCC-1 reports with the applicable Secretary of State(s) offices to better ensure their right and claim to the ownership of their own cards they decided to put into one of these "vaults". And I would dare say the same consideration should possibly be extended (or at least considered) in regard to cards you place, even temporarily, with AHs or consignees selling them on your behalf, or maybe even with TPGs that have possession of your cards while reviewing and grading them.

It would make a lot of sense to me that anyone placing their cards/collection in someone else's hands, even for only a short period of time, would want to be absolutely sure there is some specific contract/document/written agreement they, and the party they are entrusting their cards to, have signed off on and committed to. It would also be extremely wise to review that said contract/document/agreement in full, and make sure you read and are fully aware of everything it says, and even more importantly, what it actually means legally as to your rights and the protection of your assets (ie: the cards you own) while in that other party's possession.

This is exactly the kind of thing that having a recognized hobby group/organization that is made up of members that are "true" collectors and hobbyists more than anything else, and not controlled by the AHs, dealers, TPGs, and others in the industry, would be perfect to handle. They could independently have people with proper legal training and knowledge review such agreements, and then be able to make the results of such reviews available to the hobby group/organization's membership so they would be aware of inadequacies or other potential issues that could befall them, or their collections, in doing business with such parties in the first place.

[cubman1941]

You bring up some interesting points that I hadn't thought of. I guess that is why grading companies ask you for value when you submit to them for grading. I gather they are only liable for that amount if your items are lost.

I personally would not want to put any of my items in a "vault". I guess I just like to have things in hand and make it my responsbility.

[BobC]

Originally Posted by cubman1941

You bring up some interesting points that I hadn't thought of. I guess that is why grading companies ask you for value when you submit to them for grading. I gather they are only liable for that amount if your items are lost.

I personally would not want to put any of my items in a "vault". I guess I just like to have things in hand and make it my responsbility.

Exactly how most "real" collectors feel, they want to have their cards at hand to handle and enjoy, not sitting in some vault or safe deposit box. But think back to the past year or two, and how the pandemic affected how long some TPGs may have been holding on to people's cards for grading them. What if something had happened and one of those TPGs went under, would the agreements/contracts/documents that were signed assure those people who submitted cards to the TPG that they would get them all back immediately, without any possible issues or problems? Or what about if instead of having submitted something directly to a TPG yourself, you instead went through a third party to do the submission for you, like as could occur with the PWCC and CSG recently announced working partnership. If, God forbid, something was to happen to CSG while your cards were with them for grading, and you had originally given your cards to PWCC and had them taking care of the grading for you, you aren't even necessarily on record as the card's submitter/owner with CSG, and now you've potentially got an additional layer of issues to go through to get your cards back. Now of course, chances of something like that happening are probably extremely slim to none, at worst, but there is still that chance. So, something for anyone with a valuable card/collection to at least consider, think about, and maybe look into at some point.