UCC & Security Agreements
This type of lien is typically filed by other lenders—not Deere—and can give them a security interest in all of a customer’s equipment, including ours
What is a blanket lien?
This category of equipment—sold by 05 dealers across both A&T and C&F—includes machines like mini excavators, skid steers, track loaders, and compact wheel loaders
What is compact construction equipment?
This is the specific system to verify MCO or title status.
What is Lien Maintenance System or LMS?
Not currently subject to C&F dealers, this loss share program affects A&T dealers on installment notes and leases, but not until after the disposition of the collateral, or at the point of charge off if the collateral is not secured?
What is the dealer reserve?
What company do you work for?
What is Deere Credit Services, Inc. doing business as John Deere Financial - a servicing agent for John Deere companies
This type of security interest is created when we finance the equipment purchase which gives us priority over other lenders—even those with earlier blanket liens.
What is Purchase Money Security Interest?
These are the three primary pieces of forestry equipment found in "traditional" logging operations, especially in the south east
What is a feller buncher, a skidder, and a log loader.
This is the first initial ownership document supplied by the manufacturer and lives up until the collateral is titled by the state.
What is an MCO/MSO?
This is the commercial credit bureau that John Deere Financial -does- report out to, but only for C&F installment and leases
What is PayNet?
These businesses are not owned by Deere, but instead operate independently while selling and supporting John Deere equipment.
What are independently owned and operated John Deere dealers?
Even if a borrower improperly sells equipment and fails to remit proceeds, this lien status may still preserve Deere’s right to pursue and repossess the collateral including against other creditors
What is a perfected lien?
This type of equipment—including pavers, milling machines, and compactors—is what Wirtgen, acquired by Deere in 2017, is best known for producing
What is road construction equipment?
This type of forestry equipment doesn't generally require a title, but the trailer it's mounted to often does.
What is a log loader?
In an operating lease, this term or name refers to the projected worth of the equipment when the lease expires at maturity. It’s part of the math behind the payment stream.
Hint: it is not the "buyout"
What is residual value or RV?
Often incorrectly referred to as the "Bid List" this is the channel that JDF disposes of repo'd and matured C&F equipment to used equipment brokers and authorized Deere dealers, not just Dealers
What is Equipment Remarketing Services aka ERS?
This lien allows a third party who improved or serviced equipment to claim an interest and potentially retain control until payment is made
What is a mechanic’s (or possessory) lien?
Often found in logging sites and at landings in the north west, this machine uses a rotating boom to not only move wood and load trucks, but also assist in processing harvested timber
What is a swing machine?
For titled equipment, Deere does not perfect by filing a UCC alone; perfection occurs only when this is done on the state-issued title.
What is having Deere’s lien noted on the title or Deere as the record lien holder?
2 Parter: When JDF books a loan, it is recorded on our balance sheet as this type of asset, representing money owed by customers - Additionally, this balance sheet account reflects the portion of receivables JDF does not expect to collect, and strong collections performance helps reduce it.
What is an account receivable and allowance for bad debt or credit loss?
Not determined by the sale price, failure to follow this required standard when selling repossessed collateral can result in Deere losing the ability to recover a deficiency from the customer.
What is a commercially reasonable sale process?