liens

[Teachu2]

I honestly don't know how often he has been to my house. A Repo Man might be a frequent visitor or might not. I don't inquire of everyone who calls, and I'm not sure that I would know a repo man from a meter reader unless unless he was wearing a lapel pin, hat, or some sort of overt identification. So you might be right. Probably not; but maybe.

I've very old, very conservative, and raised in the rural South. From your comments I can tell that is a lifestyle and upbringing that is quite strange to you, and perhaps your ignorance of rural values is the source of your rudeness. We are old-fashioned country folk who have taken exactly one loan ever, and we wouldn't have taken that except that it was at 0% and we had already saved the money in the bank to pay it off.

We are connected enough to know that our way of doing things is is not a popular way to be these days, but it is how we were raised. If we can't pay for it we simply do without....or more commonly we find an worn-out but otherwise nice example of whatever it is and fix it to work like new again.

My concern for the problem of the "Original Poster" in this thread is for what I see as his unfair treatment under existing financial laws. And not just for him alone - he is just an example - but his experience raises a concern for our whole system of ownership, buying, and selling. I happen to think that freely conducted barter and trade between neighbors is one of the backbones of our society.
rScotty

Well said!

 

[CincyFlyer]

I honestly don't know how often he has been to my house. A Repo Man might be a frequent visitor or might not. I don't inquire of everyone who calls, and I'm not sure that I would know a repo man from a meter reader unless unless he was wearing a lapel pin, hat, or some sort of overt identification. So you might be right. Probably not; but maybe.

I've very old, very conservative, and raised in the rural South. From your comments I can tell that is a lifestyle and upbringing that is quite strange to you, and perhaps your ignorance of rural values is the source of your rudeness. We are old-fashioned country folk who have taken exactly one loan ever, and we wouldn't have taken that except that it was at 0% and we had already saved the money in the bank to pay it off.

We are connected enough to know that our way of doing things is is not a popular way to be these days, but it is how we were raised. If we can't pay for it we simply do without....or more commonly we find an worn-out but otherwise nice example of whatever it is and fix it to work like new again.

My concern for the problem of the "Original Poster" in this thread is for what I see as his unfair treatment under existing financial laws. And not just for him alone - he is just an example - but his experience raises a concern for our whole system of ownership, buying, and selling. I happen to think that freely conducted barter and trade between neighbors is one of the backbones of our society.
rScotty

If you believe that it's unfair for someone to receive stolen property and then not be able to keep it, then so be it. I disagree.

Wll

 

[TemporaryKubotaOwnerMark]

My concern for the problem of the "Original Poster" in this thread is for what I see as his unfair treatment under existing financial laws.

His unfair treatment was at the hands of a scoundrel who took advantage of him. Neither the laws nor Deere have treated him unfairly at all.

 

[TimberHole]

Yes. That is what the law says. You have to take the appropriate action to perfect your lien. If you do not do that a bonafide purchaser for value takes clear title. Deer would still have a claim against the person who signed the financing agreement, however they would not have a valid perfected lien against the tractor. OP would then be in the clear.

That is the whole purpose of having a defined procedure on how to perfect your lien. You follow it, there is a paper trail in the public record that can be searched. That way a buyer can determine if they are getting good title or clouded title, and act accordingly.

If you, as the finance company, do not follow that procedure you do not have a valid lien. You can still repo it if the original purchaser still has the tractor in his possession. If he sold it you cannot repo it. You can just sue him for the monetary damages.

EDIT: For example for $5.00 you can get a copy of a UCC lien here Secretary of State - Business Services Division in Indiana. Just searched and the lien on my tractor came up. So don't buy my tractor unless you want to deal with CNH Capital on a repo

Good info. Thanks. When I look into the UCC-1 search it looks like I have to search based upon the name of the person which may have taken the loan. Is this correct? Am I missing something? It doesn't seem like an adequate system if the lien cannot be searched based upon make/model/ and particularly serial number. People often use initials, partial names, etc., even when filling out paperwork at the bank. Can I search that and be sure there isn't a lien on a tractor, regardless of who took out the loan?

Maybe I'm missing something.

 

[two_bit_score]

That is NOT what he was saying. Try reading it again.

Your interpretation differs from mine. I feel mine is more accurate.

.

 

[My Gym]

I have just read the 14 pages of this topic. Were are a country of laws and due process. The laws are there to protect buyers and sellers. A lein holder must file the paperwork and follow very specific rules to protect his interest. If the lein holder has not followed the rules he has voided his interest. If you have a bill of sale and proof of payment, you have acted in good faith. There is an axiom "possession is 9/10th of the law." Do not turn over possesion of item without proper documentation and only to an approved officer of the courts. Require the lein holder to take it to court and get a judgement. With a signed bill of sale and proof of payment and possesion of property and a valid lein holder, a crime has been commited by the seller. If you give up the item to the lein holder without due process, there is no crime and you have given up any right to the equipment. The lein holder will ask for return or demand return of the equipment most often when the lein holder knows he does not have a valid lein. If the lein holder takes with out going through the courts, file a theft report with the local authorities. If you do not you have given up any interest you have in the property.

 

[Rara Avis]

This even happens to equipment dealers...as the following advice article demonstrates...
Protect Your Assets When It Comes to Trades | 2�12-�6-14 | Farm Equipment

 

[TheMan419]

Good info. Thanks. When I look into the UCC-1 search it looks like I have to search based upon the name of the person which may have taken the loan. Is this correct? Am I missing something? It doesn't seem like an adequate system if the lien cannot be searched based upon make/model/ and particularly serial number. People often use initials, partial names, etc., even when filling out paperwork at the bank. Can I search that and be sure there isn't a lien on a tractor, regardless of who took out the loan? Maybe I'm missing something.

Sorry I did not look into it in that much detail. Yes for things w a serial number it would be old if we could search that as well.

Do I think it is a perfect system? No. But at least there is a system. Sadly nothing is going to completely stop a dishonest person from ripping off people.