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September 19th, 2006 at 7:53 pm
I beg to differ. You should be able to use an NFA firearm as collateral if you file paperwork with the ATF and pay the tax. It’s not a very efficient way of doing it given that the transfers take about 4 months and cost $200 but it would be possible and legal. Technically what you’re doing is “selling” them the gun on a temporary basis. You could even spend the cash immediately and hold the gun while the paperwork is being processed.
It is basically illegal to let anyone use or possess your NFA gun when you aren’t there. In other words you cannot loan it to your buddy to take out shooting. In fact, when you have an NFA gun repaired you are supposed file a temporary transfer (tax-free) on a form 5. That takes about a month for each transfer. The only other legal option is to take the gun in and wait on it while it’s being repaired.
September 19th, 2006 at 11:17 pm
Maybe they are making a novel interpretation of the Militia Act of 1792: “every citizen so enrolled, and providing himself with the arms, ammunition and accoutrements, required as aforesaid, shall hold the same exempted from all suits, distresses, executions or sales, for debt or for the payment of taxes.” Paragraph I.