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| I am an Ag Lender. It is my guess that you have already signed a Security Agreement for your LOC that gives either the Crops (Along with Crop Ins. and Gov. Payments) or M&E as collateral or All of the above in most cases. The Bank is most likely just cleaning up their file and getting information that they should already have to get the file ready for the examiners coming in a few months. The main thing that I see is that your Banker should have done a better job of explaining why the information, including serial numbers was needed. If he gives you a good explanation, you don't get too excited and tell him you will bring it in this fall/winter during renewal season for 2017. If you decide to go to another Bank, I am 100% sure they will ask for all the same information, maybe even more on a new customer in todays Ag Economy.
Good Luck | |
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