IIRC, the caveat with a Maxxum tractor, or most CIH of that vintage is that when the parking brake is worn out... the question becomes... where did the linings go? Did it happen over time or all at once? They're somewhat notorious I believe for having a pile of crap in the oil that makes for a lot of hydraulic misery... and a VERY VERY expensive set of pumps. That's what can happen if someone forgets that the brake is engaged and drives around with it engaged until it's gone... Beyond that... having no brake is no more unusual than any other old tractor that has no parking brake.... Frustrating. Repairing it, I don't think is a huge deal, provided the hydraulics are not loaded with wear lining.
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Today's Featured Article - History of the Nuffield Tractor - by Anthony West. The Nuffield tractor story started in early 1945. The British government still reeling from the effects of the war on the economy, approached the Nuffield organization to see if they would design and build an "ALL NEW" British built wheeled tractor, suitable for both British and world farming.
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