WARNING-leasing equipment

Posted by steve ulrey on September 14, 2001 at 13:21:45 from (12.35.97.179):

Here's a warning to anyone thinking about leasing their equipment to another person.
My grandpa leased a tractor and some implements to
his tenant on a 4 year contract with a purchase option on the 4th yr. The tenant only made a partial payment on the 4th yr. and then filed bankruptcy. The bank took the tractor since it was worth the most. Grandpa has since died and the lawyer handling the estate is incompetent.
After fighting bankers and federal bankruptcy trustees all week, we are finally going to get the balance due on the contract.

If you lease anything, make sure all serial numbers are on the contract and the contract has been recorded at your county courthouse. If you have a tenant that is close to bankruptcy, get rid of him quick.

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