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Non-Cattle Specific Topics
Every Thing Else Board
Mortgage - Loss Payee
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<blockquote data-quote="TexasBred" data-source="post: 1501945" data-attributes="member: 6897"><p>A reputable mortgage company will simply tell you to buy you another tractor, bring them all the information about the new purchase (make model serial number), execute a new UCC-1 and endorse the insurance check over to you. It may or may not cover the entire cost of the new tractor so you may have to pay part of the purchase price. Their loan is even more secure with the new tractor than it was with the old.</p></blockquote><p></p>
[QUOTE="TexasBred, post: 1501945, member: 6897"] A reputable mortgage company will simply tell you to buy you another tractor, bring them all the information about the new purchase (make model serial number), execute a new UCC-1 and endorse the insurance check over to you. It may or may not cover the entire cost of the new tractor so you may have to pay part of the purchase price. Their loan is even more secure with the new tractor than it was with the old. [/QUOTE]
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