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Have you ever been tripped up by a blanket lien? Members of the Iowa-Nebraska Equipment Dealers Association are increasingly confronting issues regarding security interests held by banks in equipment they either purchase outright or accept in trade on other equipment from customers. Samuel I. Kreamer, J.D., C.P.A. of Kreamer Law Firm has put together three forms he has prepared to help protect dealers from losses due to unreleased interests. Please read the following memo and download available forms for your use: [Blank Lien forms]

It is suggested that DEALERS SHOULD ALSO DO A UCC SEARCH ON THE CUSTOMER’S NAME (AS WELL AS THE NAME OF ANY BUSINESS ENTITY THE CUSTOMER OWNS) EVERYTIME THEY PURCHASE EQUIPMENT FROM A CUSTOMER OR ACCEPT EQUIPMENT IN TRADE.