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The judgment debtor delivered a piece of equipment to satisfy the debt it owes.

By Matt Kirkpatrick

Fri, Nov 1st, 2013
Posted in All Ask the Expert

If the debt involves agricultural services, products, anything involving farming operations, it’s important to comply with the statutory Farmer Lender Mediation process. The process notifies the farmer of the opportunity to mediate the judgment debt in advance of the sale of the equipment. If there is no response to the Farmer Lender Mediation notice and the Farmer Lender Mediation program provides you a waiver to proceed, the next step is to check with the Secretary of State for any UCC filings against the farmer/farm. If there are UCC filings that have not expired, then those secured creditors will need to be notified of the upcoming sale of the equipment. They are notified in the same way as the debtor with a Notice of Our Plan to Sell Property. It’s important to give both the judgment debtor and secured creditors sufficient notice time before selling whether it’s at a public sale/auction or a private sale. Our office can help you with navigating this process.

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