Financing Cattle?? &*^^&&%$#$%)**@

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2barmcattle

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I financed $7000.00 worth of cattle to a kid 3 yrs ago. He paid $1400.00 before the 'woe is me' stories started. Yes....I am a sucker. Revised his payment plan multiple times to help him out. Young kid, married, 3 pretty little girls....yep...sucker. :oops: :oops:

Anyway, This past promise of many was to have me paid off by May 15th which did not happen and he didn't even try to contact me ahead of time to let me know it was not going to happen. I told him that it just plain didn't work out and I would come down Th or Fri..he could choose the day based on when he would have them lotted up for me.. and I would pick up my cattle.

The way I am looking at this is that I am reposessing my cattle. Right?? I have the legal right to pick them up right??

I have a signed contract stating that, in the case that payment is not made in full I would regain posession of all of the cattle and their offspring. I have even told him that I would let him keep a cow/calf for the part he has already paid me.

What do you think? Legal to come after them?

Thanks
 
2barmcattle":19sovqyx said:
I financed $7000.00 worth of cattle to a kid 3 yrs ago. He paid $1400.00 before the 'woe is me' stories started. Yes....I am a sucker. Revised his payment plan multiple times to help him out. Young kid, married, 3 pretty little girls....yep...sucker. :oops: :oops:

Anyway, This past promise of many was to have me paid off by May 15th which did not happen and he didn't even try to contact me ahead of time to let me know it was not going to happen. I told him that it just plain didn't work out and I would come down Th or Fri..he could choose the day based on when he would have them lotted up for me.. and I would pick up my cattle.

The way I am looking at this is that I am reposessing my cattle. Right?? I have the legal right to pick them up right??

I have a signed contract stating that, in the case that payment is not made in full I would regain posession of all of the cattle and their offspring. I have even told him that I would let him keep a cow/calf for the part he has already paid me.

What do you think? Legal to come after them?

Thanks
Click to expand...
Take that contract with you and you may want to notify the local law enforcement that you will be repossessing your cattle on that date....an ounce of prevention is worth a pound of cure.
 
Hard lesson learned. No pay, no take.
You did a nice thing and got taken advantage of, it does not make you a sucker.

Like CKC said notify the local law enforcement and let them know what is going on.
 
Be glad you had a signed contract. I also agree contact local law enforcement that you are going to repossess the cattle.

Let us know how it turns out.
 
Contacting law enforcement is great, but many will not go with you to keep the peace. You will surely be trespassing by going on the guy's property, so check with the local Justice of the Peace and see if they issue court orders for repossession. If they do a constable or sheriff''s deputy will be on solid ground going with you, and you will not be trespassing because of the court order. This advice is given if the guy doesn't want to cooperate with you.
 
Unfortunately, you are incorrect. A signed contract is not enough. You are an unpaid seller of goods. If the cattle are also financed through a bank, then the bank has a superior lien in the cattle. And if you take the cattle, then you could be liable to the purchasers bank for conversion. If you get law enforcement involved, then that exposes you to more potential liablility.

The contract for sale must have the specifice language in it that he gives you a lien or assignment upon the cattle you sold. Then you must file a UCC #1 financing statement to "perfect" your interest in the cattle. Once that is done, then you can do a "self-help" reposession of the cattle.

That said, if he gives you the cattle and there is no bank involved, then you "might" be okay.

Good luck!!
 
I would start by sending him a " demand" letter .........unless of course you think he will not give you any grief if you just tell him " I'm coming to get em."
 
Hard times are effecting everybody. A gentleman's approach to a bad situation will save you lots of time, money, and heartache. Just calmly explain to the guy that you are coming to get them, to help you recover your losses, and do it with carefully placed words. I will bet he will even help you load them.
 
upfrombottom":3fcan5yx said:
Hard times are effecting everybody. A gentleman's approach to a bad situation will save you lots of time, money, and heartache. Just calmly explain to the guy that you are coming to get them, to help you recover your losses, and do it with carefully placed words. I will bet he will even help you load them.
Click to expand...

Yep....tried it. I sent him a message (here again he won't answer my calls) saying that I would like to pick them up Thurs or Fri....whatever is good for him. I just got a message back that says " Cannot perform at this time. Will pay ASAP."

By gosh...I am not going to quit trusting people. And......looks like IF he still has them..I am in for a fight.

Lesson learned. :bang: :bang:
 
2barmcattle":19zbitvd said:
upfrombottom":19zbitvd said:
Hard times are effecting everybody. A gentleman's approach to a bad situation will save you lots of time, money, and heartache. Just calmly explain to the guy that you are coming to get them, to help you recover your losses, and do it with carefully placed words. I will bet he will even help you load them.
Click to expand...

Yep....tried it. I sent him a message (here again he won't answer my calls) saying that I would like to pick them up Thurs or Fri....whatever is good for him. I just got a message back that says " Cannot perform at this time. Will pay ASAP."

By gosh...I am not going to quit trusting people. And......looks like IF he still has them..I am in for a fight.

Lesson learned. :bang: :bang:
Click to expand...

I know we are a pretty sharp bunch around here but probably not as well informed as you attorney. Why not ask him what your legal standing is.
 
I'm sorry for your difficulties. You were just trying to help someone. You could try appealing to his honor and dignity in your response. Beyond that..... you still have some options.

Does the contract include security interest (your interest) in anything other than the cattle?
Check with your county clerk of the court to find out if you can file a lien against the cattle or other property.
Livestock laws vary by state. I know Oklahoma just passed a LS lien law, but it probably won't be applicable since your transaction predates passage & enactment of the law.

Start small claims proceedings. It would be nice if your buyer would do the honorable thing, but that doesn't sound likely at this point.

Certain legal steps have to be taken before you can reposess the animals, or you could be guilty of trepassing and theft. (yeah, it's obscene on it's face) It sounds like there is enough money involved to justify hiring a lawyer to protect you and your financial interests. A lawyer would also be able to present other options specific to your state.

And you're right in your decision to not stop having faith in people. We've loaned thousands of dollars to employees over the years, that has never, and probably will never be repaid...sometimes it makes me furious....other days....well thats just people. One guy showed up on our doorstep after 5 years....it was only a few hundred dollars...but he needed to repay us for his own soul. That's just people too. You never know whether the person you help is going to be the one who might do something great for mankind.
 
Beyond question - invest a few dollars in a visit with an attorney and find out what the correct path is. Trust me, you don't want to dive into this going, "hey, old so-and-so on the Cattle Today forum said...." :eek: :eek: :eek:
 
I agree with those that say you should contact an attorney. Ruark is dead on. This isn't the type of situation where I would recommend taking anyone's advice on any kind of internet forum. Walk softly. A few head of cattle isn't worth someone getting hurt over.
 
CottageFarm":2zn82bh4 said:
And you're right in your decision to not stop having faith in people. We've loaned thousands of dollars to employees over the years, that has never, and probably will never be repaid...sometimes it makes me furious....other days....well thats just people. One guy showed up on our doorstep after 5 years....it was only a few hundred dollars...but he needed to repay us for his own soul. That's just people too. You never know whether the person you help is going to be the one who might do something great for mankind.
Click to expand...

I like the way you think.
 
I agree with all of you concerning legal advice. Just blowing off steam probably more than anything. Maybe thinking someone had been through it before and had found a way through it without an attorney.

I did contact a Ranger with the TSCRA and they seem very willing to help. If no results from that I will contact an attorney.

Thanks folks!!
 

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