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Your comment about the middle terminal on the regulator always being hot: I'm thinking that center terminal is the 'B' or BAT terminal. It is usually marked but may be covered by the wire terminal end. On most of the older MMs (R,Z,U,UB,ZB,) that terminal wired to the Ammeter (-). The current followed the path through the Ammeter and from the Ammeter (+) there was a wire to the battery cable post on the switch/solenoid on the starter. Is the 'L' terminal on the regulator also hooked up? 'L' stands for 'Load', not 'Lights', although they are included in the Load, and there was supposed to be a wire from the L terminal to the 'Bat' terminal on the ignition switch. It may be that you have multiple connections from the ignition switch to the regulator and the battery is draining through the regulator and generator windings to ground. To clarify another issue, The only switch that should be connected to the same side of the ammeter as the hot wire from the starter switch/solenoid on the starter is the push button in the dash for the starter. (To clarify: a wire from Ammeter + to starter pushbutton and another from pushbutton back to S or start terminal on solenoid.-If your tractor has a solenoid type switch on the starter.) This is because some starter solenoids take up to 40 amps so you don't want 40 amps going through a 15 amp guage. Then of course, you want a wire from the I or IGN terminal on the switch to the ignition coil.
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