The North American Equipment Dealers Association (NAEDA) has produced a new, Web-accessible brochure that explains the process for buyers and sellers to identify outstanding equipment liens.
NAEDA's four-page Uniform Commercial Code (UCC) Brochure, freely available via the Internet at www.naeda.com , explains why buyers and sellers need to know about UCC law and how to check for UCC-1 filings.
It also defines liens specific to an individual piece of equipment and blanket liens. Buyers, sellers and secured parties must agree on how liens are handled before a legal transaction protecting all parties can take place.
Quick reference guide
The UCC brochure was produced as a quick reference guide to lien considerations and supports NAEDA's efforts to reduce transaction risks for equipment dealers and their customers. A UCC Search resource, also available free on NAEDA's Web site, links users to an interactive map of the United States and allows them to contact state lien-tracking sources.
The North American Equipment Dealers Association is based in Fenton, Mo. It provides educational, finance, industry relations, legal assistance, and legislative services to more than 4,800 retail agricultural, industrial and outdoor power equipment dealers in the United States and Canada.