Who owns your tractor.
We are now seeing in this country situations where hypothetically, if some guy borrows your tractor and then goes under, his creditors can take the tractor even if it is yours. We now are advised to place all valuable machinery on a registry to eliminate for sure who owns what in circumstances like the above. Ever heard of anything like.
Re: Who owns your tractor.
Over here, we have to pay a 'property tax' on all capital purchases. I guess one benefit, if you can call it that, is that the courthouse has, on record, the 'owner' of each piece of equipment, whether it was bought cash, or paid over time. That list is updated each year, adding anything purchased, and dropping anything that is sold or scrapped.