Thompsontown, Pennsylvania | Just to start, I have an appointment with an ag lawyer the end of the month (the earliest he could meet) but am getting impatient I guess.....I have long term lease on the farm I am on.....rent from my dad and his two brothers....am approved for loan to consolidate some debt and add cows closing was to have been this week.....I have done a large amount of renovating to these facilities at my cost (only cost for LLC that owns the farm is risk in the form of a mortgage on the property on a loan for initial improvements made in 2009 when my grandfather still owned the farm)....all the milking equipment except bulk tank, as well as all new freestalls, fans, bulk feed bins, etc. i have paid to put in, and claimed as an asset...lender wanted these assets as colateral on loan. Lender needed a notarized document signed by all members of the LLC to allow lender to prefect their lein on these assets if they ever needed to, as a closing condition on the loan ....My dad and grandmother (grandfather passed in 2011) are on my side and feel these are my assets, the other members of the LLC are claiming these assets are now leasehold improvements to the property and there for assets of the realestate. Just wanted to see what other people have ran into any situations similar to this at all....and whether I have any ground to stand on....really has put my wife and I in a tight spot as lender won't allow us to disinclude those assets....between a rock and a hard place and getting impatient.....TIA Kyle
Edit: the lease is an un-witnessed, un-notarized document signed by my grandfather, grandmother and myself in '09...it is grandfathered in with the new LLC, it states that these assets are mine...however, members of the LLC have already shown to hold un-witnessed, un-natarized documents with no regard....they signed a paper earlier in the loan process waiving their right to seize any of my assets, because "we saw no witness, or spot for a notary so figured it wouldn't hold up legally if we got to this point anyway"......been a fun experience I'll tell you that much
Edited by kylesupplee 1/12/2013 10:24
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dairy equipment on rented farm....asset of the lessee or leasehold improvement?
