Hello I'm looking to buy a couple machines, and I'm curious about liens. How do I know these machines don't have liens on them?
I would think the owner would have a title or some sort of proof of ownership
I think you (your lender) can do a search for UCC filings. I have never seen a piece of heavy equipment with a title, and I've bought at least 20 pieces.
The auction company does a search on them and makes the seller sign a statement to attest to that.
funny about the title on a piece of equipment. i never thought they existed either until a bought a timbco feller buncher last fall and the guy told me he was the original purchaser and he had the title free and clear, i kind of laughed under my breath and when i came to pay for and pick up the equipment sure enough he handed me the title. it was just a state title same as they provide for a licensed vehicle. i think maybe the dealer was using it as a way to file with ucc while it was financed???............tio
Which is completely useless if the seller isn't associated with the machine.
The National Equipment Register has a website with "more than 20 million" records you can check for a small fee. From the website: "A comprehensive UCC lien search, as well as determination of whether any liens have been satisfied." Here's the link... http://www.ner.net/ironcheck.html
I believe it unloads the liability from them though. Just another maneuver by attorneys. It's not whose right, it's who has the most money to contest it in court. The big auction companies have lots of lawyers and lots of money.