Quote:
Originally Posted by Fred
Thanks for the responses about the vault. Based on what I read, I guess I'm a traditional collector and not very progressive. I like to hold the cards I acquire. Holding them (to me) is what it's about.
What happens if one of these companies declare bankruptcy or is sued and forced into receivership? Is there a contract which ensures that the "owner" of the card(s) will receive them and that the cards are not liquidated to pay off creditors? I'm assuming this is the case.
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If there is a contract, I haven’t seen it. But perhaps a few of the posters who noted above that they use the vault have seen one.
I will admit that I’ve only had one item on a vault, albeit unwittingly. I won an auction from a site, and the default shipping option when checking out was to ship it to their vault. Not taking the time to inspect the details, I paid my small bill and patiently waited for my item to come in the mail. It was probably about $30, so definitely nothing exciting.
A few weeks later, I realized my item still hadn’t arrived, so I logged in, and noticed that I now had one item in my vault inventory. At that point, I clicked a few buttons and had them ship it to me. No big deal. However, at no point was there any paperwork involved, or if there were details, terms and conditions, they were artfully hidden somewhere in the fine print that I wasn’t paying attention to when I completed my purchase. It’s possible that it exists somewhere if you dig hard enough to get it, but it’s not like they sent me anything formal (not even an email) to evidence their stewardship of my assets and the terms that would apply to that custodial relationship.
Even if there are terms and conditions that are written as favorable to me, and even if they were enforceable (some important ifs there…), I’m not sure that I want to have to go through the heartache and trouble of getting my items back if anything terrible were to happen. Any given collector may be up for that process, but it‘s certainly one of the big reasons why I’ve never seriously considered using a vault.