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The Acceleration of Machinery Auctions

[Source: INEDA, 05.2016 | Keywords: Auctions, Used Equipment] Farm machinery auctions have been a part of the agricultural landscape for over a century. From farmer retirements and dealership consolidations, to bank foreclosures and inventory reductions, auctions have long provided farmers and dealers with a quick way to move equipment. Over the last year, the number of farm machinery auctions has grown significantly due to the downturn in the ag economy. This trend is expected to continue. Industry experts from BigIron (BI), Machinery Pete (MP), Purple Wave (PW), Ritchie Bros. (RB), Steffes Group, Inc. (SG) and Sullivan Auctioneers (SA) recently shared… Read More »

What You Need to Know Before You Buy Used Equipment or Accept Used Equipment in Trade

[Source: Samuel I. Kreamer, J.D., C.P.A., Kreamer Law Firm, P.C., 01.2016 | Keywords: Used Equipment, Trade-In] As we are all aware, banks (or other lenders) take a VERY dim view of customers who do not repay their loans. To increase the odds that their loan will get repaid, lenders routinely require borrowers to grant the lender the right to repossess and sell specific assets in satisfaction of their loan. This is alternately stated as: the borrower grants the lender a security interest (a “Lien”) in a specific asset (the “Collateral”). Sometimes borrowers try to sell (or use as trade-in) the bank’s Collateral…. Read More »