Posted by John T Attorney on April 09, 2008 at 14:24:50 from (66.244.97.31):
In Reply to: Bank Lean on Equipment posted by Charlie in Southern on April 09, 2008 at 12:58:22:
Charlie, as expected, my typical lawyer answer lol must be YES and NO. YES you can find out if a Bank has a security interest in certain property IFFFFFFFF they prefected it by filing the same at the Courthouse and the same (in your jurisdiction) is public information. But NO if it wasnt, cuz the bank isnt gonna divulge any what might be priveliged or personal information over to you as far as Im aware. Now IFFFFFFFF a bank has a perfected security interest recorded and its a first lien, it takes priority. Soooooooo if you buy something and the bank has a lien, its still there even if you subsequently buy the equipment from farmer Billy Joe Bob.
Secured Transactions was NOT my best subject in law school and I do NOT practice in this area so NO WARRANTY, this is worth exactly what you paid for it NOTHING but beware of lay persons opinions and dont hang your hat on ANYTHING posted here, seek local counsel familiar with your states laws and one experienced in these matters.
John T Retired Electrical Engineer and Country Lawyer in Indiana
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