Welcome to the new Lien Solutions blog – insights and resources to help professionals reduce risk and shape the future of their business. You’ll find articles on thought leadership, practical tips, and an exchange of ideas that drive innovation and better outcomes.
The debtor, a distributor of bulk petroleum products, entered into a consignment agreement with IPC. Under the agreement, IPC delivered fuel to the debtor–consignee (“Pettit”) for sale to consignee’s customers. Pettit filed for bankruptcy. At the time of the filing of bankruptcy, Pettit had had some of the consignor’s unsold fuel on hand, as well as proceeds from sold fuel (cash and accounts receivables—that is balances owed by customers that had not yet been paid) and which had not yet been remitted to the consignor.
Understanding and managing the status of the motor vehicle liens’ portfolio can be challenging. Often times, inconsistencies or issues end up on the “Exceptions List”, that is then addressed manually by following up with the borrower, calling DMV, searching and pulling reports from multiple jurisdictions and places. Time is money, and too much of it is often wasted on this manual, tedious work. In addition, different DMVs and jurisdictions have varying levels of requirements’ complexity. With all of these variables, exceptions create a long road to perfection.
With a rich, 50-year history of manufacturing tractors, Kubota relies on its network of over 1,100 dealerships to deliver tractors to farmers all over the U.S. As their customers depend on Kubota to get the job done, so Kubota depends on its dealers to properly complete customer transactions and secure liens.