Buying Advice Nasty Divorce Forces Tractor Sale

[Scooby074]

My concern was what if they determine it was fraud (undervalued, payment plans, sold to a "friend", thats how these things usually go), even if it was a legit sale, you never know what a judge is thinking.

Would that give her any legal right to the tractor? Basically what im saying is they would declare the sale invalid, she'd get the goods and then the OP would have to sue the friend for the 10k paid outright because he had no right to sell the tractor? If thats the case, payment plans would be better, better to lose several hundred than several thousand.

I do think she could go after the ex for anything under fair market value though.

What happens if someone sells a car where the bank is still owed on it? Doesnt the bank take the car back and then you have to sue the former owner?

All the members on here, there got to be at least one lawyer to give a definite answer on this issue, dont ya think?:thumbsup:

 

[creekbend]

My concern was what if they determine it was fraud (undervalued, payment plans, sold to a "friend", thats how these things usually go), even if it was a legit sale, you never know what a judge is thinking.

Would that give her any legal right to the tractor? Basically what im saying is they would declare the sale invalid, she'd get the goods and then the OP would have to sue the friend for the 10k paid outright because he had no right to sell the tractor? If thats the case, payment plans would be better, better to lose several hundred than several thousand.

I do think she could go after the ex for anything under fair market value though.

What happens if someone sells a car where the bank is still owed on it? Doesnt the bank take the car back and then you have to sue the former owner?

All the members on here, there got to be at least one lawyer to give a definite answer on this issue, dont ya think?:thumbsup:

I'm no attorney, but Normally the procedure when you purchase a vehicle through a bank or any other financial establishment, and use the said vehicle for collateral, there is on the back of the title a section stating whether there are any LIENS and who the LIENHOLDER is. If there are any liens on said vehicle, the state you reside in will not issue you a clear title. But here's the KICKER, a lot of States do not issue titles on tractors but they do issue BILL OF SALES. The legalities seem to get more numerous as we try to formulate a possible solution in regards to this THREAD--Don't they? Just my thoughts.

 

[RoyJackson]

I'm no attorney, but Normally the procedure when you purchase a vehicle through a bank or any other financial establishment, and use the said vehicle for collateral, there is on the back of the title a section stating whether there are any LIENS and who the LIENHOLDER is. If there are any liens on said vehicle, the state you reside in will not issue you a clear title. But here's the KICKER, a lot of States do not issue titles on tractors but they do issue BILL OF SALES. The legalities seem to get more numerous as we try to formulate a possible solution in regards to this THREAD--Don't they? Just my thoughts.

That's actually some very good points...a 4510 is an older machine (2002, the OP thinks) and should be paid off if the seller bought new....but he may not have purchased new, and there could well be a lien on it yet. Definitely something for k9american to investigate before he puts down any money.

 

[JDGreenGrass]

I could be wrong, but this is the way I believe it would work:

IF the OP buys it outright, either cash or a loan from a bank, there is little to no chance of it getting "repo'ed".

All the ex-wife could go after would be half of the 10k. And if she or her lawyer feel that is well under market value, lets say of 14k, she could go after him for 7k instead of 5k. But she cannot go after the tractor if it is purchased outright. She can only go after him for half its value

This is what I was thinking as well. No skin off the the buyers back.

 

[flusher]

Wow this thread got out of hand quick:confused2:

K9american: let me give you some advise, ask some questions, and leave you with some food for thougt

For starters, you never answered about the 4510 listed in your profile. So lets us start by you clarifying that for us.

Second, IF he is going through a divorce, and IF they are splitting assets, it DOES seem FISHY. You need VERY clear CLARIFICATION on who exactally owns this tractor. Becasue it sounds like it is half his and half hers, and he is trying to sell it out from under her. And if this cash deal/monthly payments you speak of doesnt involve any legal paperwork, then technically, she could file suit aginst you and force you to sell the tractor and give her half of the money. Again, you need to get more info on this whole deal and make sure all your TEE's are crossed and I's are dotted.

.

Right on, brother:thumbsup:. Before you buy any used tractor, you have to protect yourself by establishing whether the seller really owns the tractor free and clear and is legally entitled to sell it. I have a Purchase Agreement form that I use when buying used tractors that explicitly contains a warrent that the seller owns the tractor and can legally sell it. I get the Seller's signature and driver's license # on that PA before completing the sale.

 

[5030]

He could just hook up with the ex-wife That may make it a $5k tractor:laughing::laughing:


Just kidding BTW. Dont take me seriously

Only if her face don't resemble the lunar landscape and she weighs less than 300 pounds........

Preferrably a flat head and retractable teeth.....

 

[hizoot]

Only if her face don't resemble the lunar landscape and she weighs less than 300 pounds........

Preferrably a flat head and retractable teeth.....

Short is good too

 

[Stove]

I've had bad luck with both my wives. The first one left me, and the second one didn't.

 

[GGB]

I've had bad luck with both my wives. The first one left me, and the second one didn't.

Now that's just funny!

GGB

 

[k9american]

Thanks for flushing out the many potential pitfalls of this situation, gents.

I have a meeting with the seller tomorrow. I'll keep you posted on the outcome.