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  1. #1
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    Default Buying used.. is there a lien on it ?

    Looking at buying a late model used tractor, how can I tell if the seller has a lien against it ? Is it up to me to be 100% sure or is it the seller' responsibility to have it paid for ?

  2. #2
    Elite Member smstonypoint's Avatar
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    Default Re: Buying used.. is there a lien on it ?

    This issue has been raised in several threads. Here's one: http://www.tractorbynet.com/forums/b...eck-liens.html

    Steve

  3. #3
    Epic Contributor Soundguy's Avatar
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    Default Re: Buying used.. is there a lien on it ?

    HARD CALL.

    If it's an old tractor, not many people will loan against them.. however I have seen cases where farm bureau will.. I've also seen general leins that lein all a persons property due to non payment of a debt.

    again.. hard call.

    if I bought anything of any real value used, I'd want a bill of sale that states it's being sold clear of any leins.. may or may not help...

    soundguy

  4. #4
    Elite Member blueriver's Avatar
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    Default Re: Buying used.. is there a lien on it ?

    Check the UCC filings and as stated in the bill of sale ...

    "Seller hereby warrants that he has the full right to sell, trade or bargain clear and free of any and all liens or encumbrances and warrants clear and marketable transfer of ownership."
    "When selling a lifetime ... don't sell it short"
    auctioneer@southernauctionco.com

  5. #5
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    Default Re: Buying used.. is there a lien on it ?

    If by late model, you mean within the last 5 years or so, if it was financed, it would have probably been financed through the manufacturer's finance arm. All of the tractor companies have offered 0% financing for several years, so someone might have gotten other financing to get the cash discount, but that would probably be relatively few cases. I just finished paying off mine through kubota credit and they sent me a copy of the original loan agreement marked paid in full. Examining something like that document plus the statement on the bill of sale as suggested above would make me feel reasonably secure.
    Kubota B2920, MMM, FEL, 5' Bush Hog Squeeler Rotary Mower, 5' Bush Hog Box Blade, 5' RBT1560 Land Pride Rear Blade, 55 gal. Boomless Sprayer, KK Utility carrier

  6. #6
    Super Member bp fick's Avatar
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    Default Re: Buying used.. is there a lien on it ?

    Quote Originally Posted by blueriver View Post
    Check the UCC filings and as stated in the bill of sale ...

    "Seller hereby warrants that he has the full right to sell, trade or bargain clear and free of any and all liens or encumbrances and warrants clear and marketable transfer of ownership."
    X2. Check the UCC. Do not take the seller's word the lien has been cleared. With modern online banking, scanning, faxing, etc, all this stuff can be cleared up and dealt with immediately. Just take care of business.

    People buy and sell tractors, boats, trucks and cars every day, get the liens cleared, exchange hand shakes and go on with their lives.
    BP


    "Some chickens, some gardens and a Kubota."

  7. #7
    Elite Member blueriver's Avatar
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    Default Re: Buying used.. is there a lien on it ?

    Also most states(if not all) have the UCC filings available online ... if your state does just register and enter the persons name and a list will come up with the description, SN# and the lien holders info. Even tractor finance companies file a UCC when they finance.
    "When selling a lifetime ... don't sell it short"
    auctioneer@southernauctionco.com

  8. #8
    Super Star Member murphy1244's Avatar
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    Default Re: Buying used.. is there a lien on it ?

    Can you put a lien on something that can't be titled???
    Murph ------------

  9. #9
    Super Member bp fick's Avatar
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    Default Re: Buying used.. is there a lien on it ?

    Quote Originally Posted by murphy1244 View Post
    Can you put a lien on something that can't be titled???
    Yup, they sure do. Absolutely. That's pretty much the purpose of the UCC.
    BP


    "Some chickens, some gardens and a Kubota."

  10. #10
    Super Star Member murphy1244's Avatar
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    Default Re: Buying used.. is there a lien on it ?

    Quote Originally Posted by bp fick View Post
    Yup, they sure do. Absolutely. That's pretty much the purpose of the UCC.
    I mean that sure would be hard to track down.. So i could put a lien on a guitar or whatever..Don't make cents to me.
    Murph ------------

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