Posted by James Howell on April 09, 2008 at 14:18:01 from (144.162.41.172):
In Reply to: Bank Lean on Equipment posted by Charlie in Southern on April 09, 2008 at 12:58:22:
As a former banker, I would file a UCC-1 with the County Clerk and with the Texas Secretary of State to "perfect" the bank's lien on non-titled equipment.
Once the loan was paid off, I would file a UCC-3 with the County Clerk and with the Texas Secretary of State to release the bank's lien on non-titled equipment.
I agree with both gentlemen below, check with your County Clerk to see if a lien exists on the equipment.
You might also check with the Secretary of State to see if a lien is recorded.
If a lien exists, make sure you contact the financial institution that is the leinholder for payoff instructions.
If a lien exists, I would suggest using an envelope draft from your financial instituion.
The envelope draft will be paid by your financial institution if the required documents to transfer posession are enclosed by the lienholder.
In my prior experience as a banker, I have seen too many people purchase a non-titled piece of equipment, pay the "owner" of the equipment, then later have the equipment reposessed because the "owner" did not pay off the loan that was secured by the equipment.
I have honestly told some of them "don't shoot me, shoot the guy you bought it from".
One day I will write a book about my experiences as a banker - not enought space or time on this forum.
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