liens

[Capricious]

Good idea; I'd be searching for the seller for sure.
And I'd do a second and a third check of all the paperwork that I got along with the transaction just to make sure that a bill of sale was included. Even though it might not be signed by everyone and even if it was it isn't proof positive, it would still serve if the seller couldn't be found.

Here's a thought: while the buyer still has possession and use of the tractor..... and before any formal court order has been issued that requires it's repossession.... would it hurt to simply put the tractor somewhere else for safekeeping?
That's one way to keep everyone concerned with the buyer's rights as well as their own interests.
rScotty

".. would it hurt to simply put the tractor somewhere else for safekeeping?.."



Yes, I think it would hurt. I would NOT attempt to withhold the tractor from the lienholder if they are demanding it or demanding payment in the alternative.

One might try to negotiate a settlement of the lien at less than face value while one still has possession of the machine but if they are demanding the tractor one had better let them have it. I WOULD make them come and pick it up, but I would not hinder in any way.

 

[katoomed00]

If you title a used tractor like a car, you know the state will surely want taxes.
That's one of the main reasons for not titling a used dirt bike, atv and utv.

I agree with the sentiment of your position; that Deere did everything they were supposed to do to protect their security interest in the machine.

It is, however, a very cumbersome process for an individual to determine if a particular asset is someone's security, lacking a title with a very visible lien notice,
such as would be the case with an automobile or a truck.

Perhaps tractors should be titled, as with cars? Then the lien would be recorded right on the face of the title?

Of course, there are many who believe that the less government intervention, the better. Maybe me included.

 

[Capricious]

If you title a used tractor like a car, you know the state will surely want taxes.
That's one of the main reasons for not titling a used dirt bike, atv and utv.

It varies by state, but I think in most cases tractors and other ag equipment would normally be subject to sales tax and personal property tax but
in some states are there specific exemptions. Titling would not HAVE to change those exemptions, but it might draw attention to the exemptions which could
lead to pressure to change or eliminate the exemptions- sort of the "kicking the sleeping dog" thing.

 

[RandyT]

If you title a used tractor like a car, you know the state will surely want taxes.
That's one of the main reasons for not titling a used dirt bike, atv and utv.

Dirt bikes, atv's and utv's are titled in most states. the problem is the title never gets transferred in most cases from the original owner that purchased it from the dealer new.

 

[Steppenwolfe]

The point of having someone sign a bill of sale stating that the tractor is unencumbered is to put them in jeopardy of arrest.

Go back to my post... mine came from a lawyer...

 

[Code54]

Hear people on this site talk about selling tractors then paying off the loan 1 payment at a time until it is complete. Just feel this is wrong and if you sell something you need to FULLY own it. I believe having it titled would be worth while just to avoid the possible headaches and issues of someone not paying it off.

 

[Capricious]

Hear people on this site talk about selling tractors then paying off the loan 1 payment at a time until it is complete. Just feel this is wrong and if you sell something you need to FULLY own it. I believe having it titled would be worth while just to avoid the possible headaches and issues of someone not paying it off.

You don't have to "feel" this is wrong: It simply IS wrong:

If someone sells the asset which secures a loan, without first (or simultaneously) paying off the loan, that is certainly a violation of provisions in the loan paperwork they signed in order to get the loan, and that is almost certainly fraud. The lender could press charges, as could a buyer unaware of the existence of a lien.

 

[balzerja]

I registered the tractor soon after I bought it because there was a small amount of warranty time left. Deere knows exactly where the tractor is located. i'm trying to co-opereate with them. Looks like I'm going to be out the 27k i paid for it. Working on getting a lawyer now. With the Ucc financing statement filed, it kind of trumps everything else I'm told.

 

[Capricious]

I registered the tractor soon after I bought it because there was a small amount of warranty time left. Deere knows exactly where the tractor is located. i'm trying to co-opereate with them. Looks like I'm going to be out the 27k i paid for it. Working on getting a lawyer now. With the Ucc financing statement filed, it kind of trumps everything else I'm told.

One heck of a financial hit. I "THINK" it is deductible as a casualty loss, which would help a little.

Hopefully the seller has assets the attorney can go after.

 

[DavesTractor]

I registered the tractor soon after I bought it because there was a small amount of warranty time left. Deere knows exactly where the tractor is located. i'm trying to co-opereate with them. Looks like I'm going to be out the 27k i paid for it. Working on getting a lawyer now. With the Ucc financing statement filed, it kind of trumps everything else I'm told.

I'm sure not a lawyer, but if you registered it right after you bought it, then JD Finance in theory could have found their asset at that point. You never hid your ownership, and in fact registered it into their system. I think that is in your favor. That may have started the clock ticking on some sort of statute of limitations. This can get pretty complicated and I do not have the knowledge to debate it, but it is worth checking into. If JD does come and get the tractor, I would let them take it, but I would put them on notice that you are contesting their ownership and ask them to retain the tractor in safe storage at no charge to you as you contest this. The UCC filing may trump all of this, but I would for sure check with an attorney.