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Old February 11, 2013, 03:15 PM   #16
Frank Ettin
Join Date: November 23, 2005
Location: California - San Francisco
Posts: 8,701
Originally Posted by ScottRiqui
I think this might be what jason's talking about - from the ATF website:

A licensee may sell a firearm from his or her personal collection, subject only to the restrictions on firearm sales by unlicensed persons, provided the firearm was entered in the licensee’s bound book and then transferred to the licensee’s private collection at least 1 year prior to the sale. When the personal firearm is sold, the sale must be recorded in a “bound book” for dispositions of personal firearms, but no ATF Form 4473 is required.

[27 CFR 478.125a]
Thank you. I had been looking through the ATF website and must have missed that.

I thought it important to be absolutely sure. While I knew that an FFL could transfer a firearm from inventory to his private collection, I didn't know whether or to what extent there were further special requirement associated with a subsequent transfer out of his private collection to a non-licensee.

Even though a firearm in an FFLs personal collection is just a privately owned firearm, it would be inappropriate to simply assume that therefore a transfer by him would be the same as any private transfer, and it indeed appears not to be. The FFL is still required to document the transfer in his bound book, and the relief from having to have the transferee complete a 4473 and go through NICS appears to apply only if the firearm transferred had been transferred from the FFL's inventory to his private collection more than a year prior to the transfer to the non-licensee.

Often persons who are licensed to engage in a particular profession, trade or business may be subject to certain special duties or requirements even in connection with their personal activities involving the subject matter of that profession, trade or business. Such can be the case with real estate brokers, securities dealers, lawyers, accountants, etc.
"It is long been a principle of ours that one is no more armed because he has possession of a firearm than he is a musician because he owns a piano. There is no point in having a gun if you are not capable of using it skillfully." -- Jeff Cooper
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