St. Louis, Mo. — The Equipment Dealers Assn. (EDA) and Polsinelli, one of EDA’s industry partners with 20 offices nationwide, are joining forces to present a free webinar to EDA’s members on Blanket Liens best practices for dealerships. This webinar will be led by Matthew Layfield, shareholder at Polsinelli. Matthew devotes much of his practice to agriculture loan enforcement litigation.
During strong economic cycles, banks and other lenders routinely release liens or don’t pursue specific equipment sold or transferred by their borrower without a release from the blanket lien that covers all of the customer’s assets and equipment held by the bank. However, with predictions for continued depressed commodity prices and falling farm incomes, it is critical for dealers to protect themselves when taking in trades to ensure that any equipment they take in is free and clear of any blanket lien.
On Wednesday, January 25 at 12:00pm, CST, Matthew will give an overview of Blanket Liens and answer the following questions:
- What is a blanket lien and what purpose does it serve a creditor?
- How can I protect my dealership from any unintentional or intentional trades of equipment with blanket liens?
- What to do if/when a piece of equipment with a blanket lien ends up at my dealership?