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Follow these steps for a successful private party purchase
Any farm operator would like to be confident when buying farm equipment or farm products, that the assets are “free and clear” of any financial encumbrances.
This is typically not an issue for titled vehicles or real estate, since liens (or mortgages) are specifically recorded at the county courthouse. Dealerships and auctions also have means to assure lien-free property.
The issue is with buying non-titled farm assets from a neighbor or across the state. If the sale proceeds are not delivered to the lien holder, the assets could be seized by the mortgage or for debt payment. Good business practice would call for a few steps to assure a successful private party purchase.
€Do a lien search on the seller at the Secretary of State's Web site: www.sos.state.ia.us/Search/UCC/search.aspx?ucc. This state database will show which lenders have declared liens on which assets of the seller. In a typical farm operation with a bank loan line-of-credit, there will be a “coverall” security statement that will start off like, “All farm products Š” This blanket security clause basically collateralizes whatever asset is being purchased.
€If there is a financing statement that includes the purchased asset, a release should be received from the lender. This can be either a written release sent to the buyer or a release on the specific asset filed at the Secretary of State's office.
€Use a bill of sale. It should include the buyer and seller, asset description with serial numbers, quantities such as bushels or pounds, and dated signatures of both buyer and seller.
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