Posted by James Howell on April 09, 2008 at 14:18:01 from (144.162.41.172):
In Reply to: Bank Lean on Equipment posted by Charlie in Southern on April 09, 2008 at 12:58:22:
As a former banker, I would file a UCC-1 with the County Clerk and with the Texas Secretary of State to "perfect" the bank's lien on non-titled equipment.
Once the loan was paid off, I would file a UCC-3 with the County Clerk and with the Texas Secretary of State to release the bank's lien on non-titled equipment.
I agree with both gentlemen below, check with your County Clerk to see if a lien exists on the equipment.
You might also check with the Secretary of State to see if a lien is recorded.
If a lien exists, make sure you contact the financial institution that is the leinholder for payoff instructions.
If a lien exists, I would suggest using an envelope draft from your financial instituion.
The envelope draft will be paid by your financial institution if the required documents to transfer posession are enclosed by the lienholder.
In my prior experience as a banker, I have seen too many people purchase a non-titled piece of equipment, pay the "owner" of the equipment, then later have the equipment reposessed because the "owner" did not pay off the loan that was secured by the equipment.
I have honestly told some of them "don't shoot me, shoot the guy you bought it from".
One day I will write a book about my experiences as a banker - not enought space or time on this forum.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Good As New - by Bill Goodwin. In the summer of 1995, my father, Russ Goodwin, and I acquired the 1945 Farmall B that my grandfather used as an overseer on a farm in Waynesboro, Georgia. After my grandfather�s death in 1955, J.P. Rollins, son of the landowner, used the tractor. In the winter 1985, while in his possession the engine block cracked and was unrepairable. He had told my father
... [Read Article]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
