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Financing Cattle?? &*^^&&%$#$%)**@
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<blockquote data-quote="Bonsman" data-source="post: 839440" 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><p>Wouldn't the OP here qualify as a secured creditor because of the signed agreemwnt or did he need to have a lein on file ?[/quote]</p><p></p><p>The contract of the OP did not have a "granting" clause in it which gave him a lien. Thus, there was not a lien granted. But more importantly a UCC financing statement was never filed. This leaves him as an unpaid selller of goods. An unpaid seller of goods has a security interest in the cattle under the Code; but he is not perfected. </p><p></p><p>Once the bankruptcy is file, then the security interest is worthless. It will be interesting to see what happens in that he has a statutory unperfected security interest in cattle that were sold "possibly" out of trust. Had a UCC financing statement been filed; then it would be clearly illegal. Here, he has an unperfected statutory lien. Some places will prosecute and some will not. It will be interesting to see how it works out in this case.</p><p>[/QUOTE]</p>
[QUOTE="Bonsman, post: 839440, 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] Wouldn't the OP here qualify as a secured creditor because of the signed agreemwnt or did he need to have a lein on file ?[/quote] The contract of the OP did not have a "granting" clause in it which gave him a lien. Thus, there was not a lien granted. But more importantly a UCC financing statement was never filed. This leaves him as an unpaid selller of goods. An unpaid seller of goods has a security interest in the cattle under the Code; but he is not perfected. Once the bankruptcy is file, then the security interest is worthless. It will be interesting to see what happens in that he has a statutory unperfected security interest in cattle that were sold "possibly" out of trust. Had a UCC financing statement been filed; then it would be clearly illegal. Here, he has an unperfected statutory lien. Some places will prosecute and some will not. It will be interesting to see how it works out in this case. [/QUOTE]
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