DISCLAIMER: Wellllllllllll, Secured Transactions WAS NOT my strong suit way back in Law School and I DO NOT practice in the area sooooooooo although this may still be considerd a "profesional opinion" I wouldnt value it much more then or perhaps even less then that of a lay person who has researched the question: That being said whewwwwwwwwwwww, here goes.
If a person or institution has a security interest in personal property such as say a tractor (Like the bank may take if they make a loan secured by the tractor), to be "perfected" it MUST BE FILED in the County.
Once filed, its a public record and therefore anyone with an interest or concern has "legal constructive notice" of the Lien created regardless if he bothers to look for it or not (regardless if he has "actual notice"), i.e as far as the law is concercned you have notice of the Lien because it was perfected by the holder when they filed the proper UCC form at the courthouse regardles if you looked or not.
Soooooooo if you buy such a tractor and the bank perfected their security interest, they have a superior right to the property (like for reposession) over you, even if you paid cash and have a receipt THATS WHAT YOU GET FOR BEING TOO LAZY TO SEARCH THE LIEN RECORDS
MY BEST ADVICE: Consult a local attorney who practices Secured Transactions (believe them over me and especially any lay opinions here) and learn the how to regarding searching for Lien records in your county.
PS as I recall if the bank fails to perfect their security interest then your lien may take prioroty.
WHO OWNS IT YOU ASK?????? The current "peaceful posessor's" rights are superior to all others but not withstanding any true owner. If it was stolen, the true owner has rights over a thief or later purchasers DUH buttttttttt a current peaceful posessor has rights over anyone other then the true owner.. The old wives tale "Posession is 9/10 of the law" isnt all that far off.
As far as priority of Liens, if its perfected by filing the UCC ITS FIRST IN LINE, if not then I believe its a race notice issue, first in line wins
Best wishes, hope this helps but remember this is not my area of law
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