Your right, the gun does not belong to me. The original owner has already gotten paid by his insurance company for the gun and has expressed to me that if he gets it back he will give it to me. The whole thing kind of sucks.
If any of you have ever bought a used firearm, I hope you still have the bill of sale. It just might keep you out of jail if you are ever out in public and get checked. Don't plan on crossing the border or the same thing just might happen to you.
OK, then the insurance Co. owns it as salvage.
"If any of you have ever bought a used firearm, I hope you still have the bill of sale. It just might keep you out of jail if you are ever out in public and get checked."
That's the rule for all items. The fed forms are good enough to prove the exchange, even if you didn't have the reciept.
Under the law, your gun now belongs to the insurance company... the original owner was compensated for its loss and the legal title passed to the Insurance company. I had some guns stolen about 10 years ago... and one was recovered. The insurance company claimed it from the police and offered to sell it to me for MORE than they paid me on the claim... they said it had appreciated in value in the couple years since it was stolen. I politely asked the insurance company if they had a Federal Firearms License.