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Beginners Board
Financing Cattle?? &*^^&&%$#$%)**@
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<blockquote data-quote="Bonsman" data-source="post: 839291" data-attributes="member: 8504"><p>You cannot compare real property to personal property. </p><p></p><p>However, you can do a lease to own with personal property; but you must file a <strong>UCC leasing statement </strong>which notifies the world that the personal property is leased. If you loan money, then you must file a <strong>UCC financing statement</strong>. Yes, you can lease cattle; but you still need to file the proper paperwork. To do otherwise would allow the borrower/lessee to sell the leased property and leave you without recourse against the third-party purchaser. If you have a perfected lien or lease, then you can get your cattle or money from the third-party purchaser (typically sale barns). Selling leased property or mortgaged property is also still a crime typically called hindering a secured creditor.</p></blockquote><p></p>
[QUOTE="Bonsman, post: 839291, member: 8504"] You cannot compare real property to personal property. However, you can do a lease to own with personal property; but you must file a [b]UCC leasing statement [/b]which notifies the world that the personal property is leased. If you loan money, then you must file a [b]UCC financing statement[/b]. Yes, you can lease cattle; but you still need to file the proper paperwork. To do otherwise would allow the borrower/lessee to sell the leased property and leave you without recourse against the third-party purchaser. If you have a perfected lien or lease, then you can get your cattle or money from the third-party purchaser (typically sale barns). Selling leased property or mortgaged property is also still a crime typically called hindering a secured creditor. [/QUOTE]
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Financing Cattle?? &*^^&&%$#$%)**@
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