Buying equipment at tax foreclosure auction

cowboy43 · Jun 28, 2020

In Texas when buying trucks or equipment at a tax foreclosure sale, how does one know that it is not a first lien on item. When buying property. One can research at the county clerk office, but not knowing anything about the truck or equipment or where it was bought or if someone has first lien on it. How do you research before the auction. I know when buying property it is the buyers responeability to research for a clean title but trucks and equipment might hard to research. I was asked this question an I could not give an answer. :?:

JMJ Farms · Jun 28, 2020

I'm not sure about Texas but in Georgia a lender files a UCC on personal property if the borrowers hocks it. I'm 99% sure it's file with the Clerk if Superior Court in said county.

Lucky · Jun 30, 2020

I know a man who got into a deal like this. Luckily by the time the equipment was found by the lender the banker holding the lean told him to just keep the equipment. I'm guessing most farm equipment doesn't have a title and isn't registered anywhere so it's nearly impossible to find. Of course a truck or trailer would be pretty easy to locate if you ever registered them.

TexasBred · Jun 30, 2020

cowboy43 said:
In Texas when buying trucks or equipment at a tax foreclosure sale, how does one know that it is not a first lien on item. When buying property. One can research at the county clerk office, but not knowing anything about the truck or equipment or where it was bought or if someone has first lien on it. How do you research before the auction. I know when buying property it is the buyers responeability to research for a clean title but trucks and equipment might hard to research. I was asked this question an I could not give an answer. :?:

Find out who actually put the equipment up for sale. First lienholder should be the seller.

BRYANT · Jun 30, 2020

I know a man in Okla. that bought a dozer and it had a lien on it and cost him some money. I also know two men that bought cattle that a bank had a lien on , big messy court case

Buying equipment at tax foreclosure auction

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