liens

   / liens #21  
Do a UCC search for your state using the VIN number and see if a UCC-1 financing statement was recorded before you bought it. If not, you may have protections under UCC 9-320(b). No matter the result, contact a lawyer who is experienced with consumer finance transactions. Even if the financing statement was recorded, your contract may be voidable and you may have claims against the seller, including a return of the purchase price.
 
   / liens #22  
JK22 said:
Do a UCC search for your state using the VIN number and see if a UCC-1 financing statement was recorded before you bought it. If not, you may have protections under UCC 9-320(b). No matter the result, contact a lawyer who is experienced with consumer finance transactions. Even if the financing statement was recorded, your contract may be voidable and you may have claims against the seller, including a return of the purchase price.
Click to expand...

True but collecting from the seller may be a problem. He sold goods w a lien and did not disclose the lien.

Of course search to make sure the lien is valid before you give up the tractor.
 
   / liens #24  
I found the ucc financing statement Deere had made out. So With that being found , I'm thinking I'm pretty much sunk. Agree?
 
   / liens #25  
I'd still contact a lawyer. Deere doesn't really want the tractor back and it doesn't sound like it's worth nearly what is owed on it. You maybe able to work something out with them if you really want to keep it. It costs them money to come get it and resell it. Sorry you got in this situation.
 
   / liens #26  
I will be contacting a lawyer . Thought I was smarter than getting myself into a situation like this. Honest people always get screwed.
 
   / liens #27  
balzerja said:
I will be contacting a lawyer . Thought I was smarter than getting myself into a situation like this. Honest people always get screwed.
Click to expand...

I'm sorry this happened to you. Like you, I didn't even know until reading your post that this type of scam existed. Shame on the loan companies and shame on JD for using such a loophole. Thanks for your posting. Perhaps the lawyer will offer remedies, I hope so.

But regardless of whether he does or not, I urge you to fight for your rights - all of our rights. It sounds like there are laws here that need to be changed, and it also sounds like the finance companies are taking advantage of those laws at the expense of the general public.

In my opinion, the people making the loan should be the ones responsible for protecting their own collateral. It shouldn't be up to some unsuspecting buyer to protect the finance company against some loan that they shouldn't have made and that a subsequent buyer has search out or lose out years later.

This is an example of a type of misplaced responsibility that could end up damaging our the whole concept of private ownership.
Hopefully this will get straightened out.
rScotty
 
   / liens #28  
This is horrible. How did they track you down? Did the seller give them your info?

Brett
 
   / liens #29  
rScotty said:
I'm sorry this happened to you. Like you, I didn't even know until reading your post that this type of scam existed. Shame on the loan companies and shame on JD for using such a loophole. Thanks for your posting. Perhaps the lawyer will offer remedies, I hope so.

But regardless of whether he does or not, I urge you to fight for your rights - all of our rights. It sounds like there are laws here that need to be changed, and it also sounds like the finance companies are taking advantage of those laws at the expense of the general public.

In my opinion, the people making the loan should be the ones responsible for protecting their own collateral. It shouldn't be up to some unsuspecting buyer to protect the finance company against some loan that they shouldn't have made and that a subsequent buyer has search out or lose out years later.

This is an example of a type of misplaced responsibility that could end up damaging our the whole concept of private ownership.
Hopefully this will get straightened out.
rScotty
Click to expand...

OMG, as the kids say (or text). In my most humble of opinions you are barking up the wrong tree. Loophole? Heck, it's extremely common contract law! How can "the people making the loan" protect their collateral? Want to have someone visit your farm every week and check to make sure the combine and hay wagon are still there? How much more are you willing to pay in interest for that?
"Private ownership" only occurs after a loan is paid off. The seller and only the seller, is the bad guy here, as he sold something that does not belong to him. Would you buy a $20K car without a clear title? Of course not. And, as pointed out, there is an easy way to find out if an expensive item has a lien on it. (Dealer inventory is checked by the bank, BTW, but it's easy: it's all in one place, or the dealer owes the bank!)
 
   / liens #30  
When we bought our property it came with a 2003 Kubota l2550, only had 90 hours on it. I made the closing attorney provide me with a clean bill of sale. Lesson here... CYA. I hate to hear of things like this happening to nice, honest people. It ruins it for all of us. Good luck.
 
You must log in or register to reply here.
 

Footer Links 1

Top