CAUT

  • 1.  Loan Agreement for Piano for Sale

    Registered Piano Technician
    Posted 02-19-2025 19:54

    Hi Everyone,

    I have an interesting situation here in SoCal. One of my dear longtime customers lives in the Palos Verdes landslide area. She has been very worried that her Steinway B would literally slide down the hill at some point, and she asked me to help her get it out of there. The earth movement in this area has been quite alarming the last few years, and recently the power and electric companies shut off utilities to dozens of homes. Driving in to her house from the main road is an adventure!

    I have a chef friend in Pasadena who runs a great restaurant. They have a small stage there, and do quite a few musical events... I actually trade them piano service for "food credit"! They have been renting various pianos over the last several years. Long story short, I was able to arrange for my customer's endangered Steinway B to go live on the stage at this restaurant for awhile. It is for sale, and I'm in the process of determining a value for it, etc. But it may be there for awhile.

    What I'd like your help on is any kind of "instrument loan agreement" you've used. The piano's owner (who is 94) has done this all on trust and verbal agreement so far. But I want to make sure she has something official in writing. My chef friend is in complete agreement, and has already talked with his people to make sure the piano is covered by his insurance, etc. while it is there. Any guidance you could offer will be appreciated!

    It's an interesting B... has already been used for a classical trio concert there at the restaurant. 1903, walnut, original legs and lyre replaced with modern. Rebuilt by Keith Hardesty in 1980, including installation of a new soundboard. Very sweet tone. I rebuilt the action with Renner parts/hammers several years ago. Very lightly used, but much loved.

    Thanks all,

    Teri



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    Teri Meredyth RPT
    Harbor City CA
    (310) 702-2389
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  • 2.  RE: Loan Agreement for Piano for Sale

    Registered Piano Technician
    Posted 02-20-2025 01:01
    Hi Teri

    My lawyer once told me that any contract between two parties is legal. The reason lawyers and the court get involved is when there is a disagreement between two parties on the language of the contract. In other words, whatever wording of the contract the chef and your customer agree on is legal. Both of them should have their own attorney look at it to see if there any red flags. But other than that, I think it's a great idea. I wish I lived closer to eat at the restaurant and listen to a recital. 

    Wim

    PS. I had a bargaining agreement once with a theater in the round. I tuned their piano in exchange for tickets to all the shows. Then they went bankrupt, and I lost about $500 worth of tunings. And this was when I was only charging $60 per tuning. 





  • 3.  RE: Loan Agreement for Piano for Sale

    Registered Piano Technician
    Posted 02-21-2025 08:51
    To everything else that has been mentioned, I would include language about which party is responsible for moving the piano, in both directions.
    Ken

    Www.kenwalkup.com





  • 4.  RE: Loan Agreement for Piano for Sale

    Registered Piano Technician
    Posted 02-20-2025 08:21
    Teri,
    I don't have any help to offer but this is a great story of customer service and care.  Thanks for that.
    Gary Bruce, RPT, CAGA
    Registered Piano Technician
    Certified Appraiser
    (405) 413-TUNE (8863)





  • 5.  RE: Loan Agreement for Piano for Sale

    Registered Piano Technician
    Posted 02-20-2025 11:16

    Just make sure that the owner of the piano is named on the policy and the amount covered is adequate.  It should be replacement value.  The business owner should be willing to provide a document from the IC to that effect. It should probably be done as a separate rider, or endorsement.  If the place burns down you don't want to have to argue as to what percentage of the insurance proceeds will go to cover the piano and settle for less than it's worth..   



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    David Love RPT
    www.davidlovepianos.com
    davidlovepianos@comcast.net
    415 407 8320
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  • 6.  RE: Loan Agreement for Piano for Sale

    Registered Piano Technician
    Posted 02-20-2025 11:46
    One interesting caveat about insurance valuation. I recall from working with a professional appraiser of musical instruments that there are three situations which require a professional appraisal by a licensed person. Those are any dealings with the IRS (like tax-deductible donations), or divorce court, or insurance claims. Unless a proper appraisal can be offered after the disaster/fire/incident, the insurance company wouldn’t pay out. For what it's worth, we have a licensed appraiser in our community in So Cal, who advertises regularly in our multi-chapter newsletter, Brian Janey.

    Kathy




  • 7.  RE: Loan Agreement for Piano for Sale

    Registered Piano Technician
    Posted 02-20-2025 12:26
    Teri et al: we have had a loaner piano or two here at NIU for maybe the last 15 years. We did write up a document which covered: who pays for move in and move out, piano owner continues to insure the piano, institution is responsible to keep it in a safe space and maintained. Each time we have done this, we also specified how much notice we need before instrument can be removed. Both parties sign, both get copies.
    Currently we have a Steinway M from one of my clients who moved overseas. It will go to their daughter in next 2-3 years, at which point we will have used it in a classroom for about 10 years; 
    And we also have a Steinway B, probably 6 years at this point. That one may be a pit of an issue, as I have tried to contact the client owner and not been successful. NIU may end up as the unofficial owner by default. A daughter was supposed to inherit the piano, and it seems hard to believe she could forget the instrument, but until they contact the university or me, we won't know. Since your client is elderly, you might want some written provision in the document, as to what happens if she is no longer in this world and the piano remains unsold.
    David Graham
    Graham Piano Service, Inc.
    512 S. Main St.
    Sycamore IL 60178
    815-353-5450