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#316949 - 02/15/05 02:33 PM Tobacco buyout payments
Anonymous
Unregistered


Can you file a UCC on a tobacco buyout payment?

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Article 9
#316950 - 02/15/05 02:50 PM Re: Tobacco buyout payments
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 50412
Loc: Galveston, TX
Yes , but there are additional requirements which may actual trump any UCC filing.

Fair and Equitable Tobacco Reform Act

The Act allows quota holders and growers to assign their future buyout payments to a financial institution in return for a lump-sum payment. To do this, notice of the assignment must be given to the Secretary, and subsequent payments will be made directly to the designated financial institution. The term "financial institution" is not defined in the Act.

You should visit with an attorney versed in this type of assignment.
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The opinions expressed are my own, take them or leave them.

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#316951 - 08/02/05 10:37 PM Re: Tobacco buyout payments
Anonymous
Unregistered


Is there a site that show how much each farmer gets? I know there was early on, then they reported that the amounts were not correct.

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#316952 - 08/03/05 12:25 PM Re: Tobacco buyout payments
Kathleen B Offline

10K Club

Registered: 12/27/00
Posts: 17585
The FDIC has issued examiner guidance and risk management information on this topic. Look here.
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Kathleen Blanchard CRCM "Kaybee"
Lending/CRA/HMDA/Mapping/Consulting
www.kaybeescomplianceinsights.com

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#316953 - 08/16/05 11:16 AM Re: Tobacco buyout payments
Anonymous
Unregistered


Quote:

Is there a site that show how much each farmer gets? I know there was early on, then they reported that the amounts were not correct.



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#316954 - 09/09/05 09:15 AM Re: Tobacco buyout payments
Anonymous
Unregistered


If the farmer granted a lien on "all accounts", say 5 years ago, is his tobacco buyout money already pledged?

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#316955 - 10/19/05 11:11 PM Re: Tobacco buyout payments
Anonymous
Unregistered


MY MOTHER LIVED IN GUILFORD GOUNTY AND HAD NOT RECEIVED HER BUYOUT PAYMENT CAN YOU TELL ME WHY?

I AM HER DAUGHTER AND DO HAVE POWER OF ATTORNEY

PLEASE LET ME HEAR FROM YOU.

BETTY LOU HAND

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#316956 - 10/20/05 02:43 PM Re: Tobacco buyout payments
kvb Offline
New Poster

Registered: 04/14/04
Posts: 10
Loc: Kentucky
Our bank has made a few loans with tobacco transition payments as collateral and intended repayment from them. The farmer will receive a CCC-960 from the US Dept of Agriculture that lists their Contract Number and Payment amounts. Use this form to complete an Assignment of TTPP. The Assignment needs to be sent to your local USDA office for filing. They will note the assignment and return it to you. We have also had a checking account set up to directly receive these payments from USDA.
The Assignment forms and lots of info on website www.fsa.usda.gov/tobacco

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#724342 - 04/30/07 04:05 PM Re: Tobacco buyout payments [Re: Anonymous]
barney5 Offline
Junior Member

Registered: 03/09/07
Posts: 44
Loc: Kentucky
No matter how diligent that you are in perfecting your lien, with this type of collateral you still could lose. For example, I was the owner of a tobacco quota, and some appeals have come up after 10 years of leasing the quota that might jepordize my right to future payments eventhough I have the buyout contract with the USDA. I still have not received the 2007 payment since it is still being appealed.
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If you can't convince 'em, confuse 'em!

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