I was thinking about NFA transactions and at what point your responsibilities as a seller end?
I’ve sold one NFA item. In this example, an out of state buyer found. Money received / deposited then F4 sent and approved to the out of state buyer’s class III ffl. NFA item shipped and tracking says buyer’s ffl accepted shipment.
I’m thinking that this is the end of the transaciton for the seller. If his f4 does not get approved, not my problem. If his class III ffl goes out of buisness, not my problem.
You really dont care about the buyer’s Form 4 approval - that is for his local dealer to handle(that should be quite unlike an individuals Form 4 approval times). Once you get the forms for transfer to his dealer, you should be good-to-go. If that dealer goes defunct before you get the paperwork, your holding the money and product awaiting his “new” dealers paperwork.
For in-state where you dont need to go through a dealer, you can take the money but you have possesion until his Form 4 clears. If it does not come through you have no sale and must return the money.
What you should do is have something in the bill of sales for a restocking fee/sufferage/non-usage for your pain.
