Did a search on the guy arrested (Brendan Duganne) - if this is the same guy, looks like he's a criminal lawyer in San Antonio:
https://www.texasbar.com/AM/Template.cfm?Section=Find_A_Lawyer&template=/Customsource/MemberDirectory/MemberDirectoryDetail.cfm&ContactID=287259
Oopsies!
Insurance company ownership? That's a GREAT question! I honestly don't know; better minds can answer. Yes, it would have to be transferred (like any other property), but I don't know how the law works regarding insurance and stolen property.
Maybe the original owner has to refund the $?
Maybe it wasn't insured?
I always suspected I was out of the mainstream. I do have all my weapons, including NFA, on a separate insurance policy, and have another one for all my guitars and amps also. Having seen a few friends wiped out in the past, without anything to show for it, got me in the habit of getting specific commercial policies for items that homeowners really doesn't cover. Overkill? Perhaps.most people don't have specific coverage.
Odds are they would use a dealer to possess it while they liquidated it. But yes it would have to transfer on a stamp each time, no way around that.Even if the insurance company claims the MG, wouldn't they still have to get ATF approval and a tax stamp?
& could a judge legally order the owner to surrender it unless the company has a Form 4? Wouldn't that put them in possession of an unregistered MG?
I hope that you've gotten all your stuff back by now."The sub machine gun will remain at the Lytle Police Department as evidence until the case goes through the Atascosa County court system."
:bang
Been there, done that.
BATF doesn't care about value. Their only concern is the name on the paperwork with the stamp. Federal law trumps all local and state laws.