Leasing farm equipment, rather than buying it, may be appropriate when the equipment is only needed for a short period of time or if the value of the equipment will be low after the intended use or if the farmer is limited by income or funds. The following terms are what should be included in the lease for lease of …
Overview of Farm Leases
For farmers purchasing land is not always an option or the best option for their purpose. In those cases, leasing land may be a better option. For leasing land, there are multiple options: 1. Cash-Rent Leases: A cash rent lease is where the tenant usually pays a fixed dollar amount in rent and it may be modified based on crop …
Livestock Purchase Agreements
Purchasing livestock can be a complicated process, particularly when it comes to the agreement. Before signing a purchase agreement for livestock, whether commercial or seedstock, there are certain terms that should be included. For commercial livestock purchase agreements, the following terms should be part of agreement: Description of Animals: The type of animal to be purchased and description of the …
New York Agriculture Liens: Lien on Stray Animals
Under NY Town Law § 310, if a person has any strayed horses, cattle, sheep, swine, goats or other livestock animal upon their property which is not adjoined to the livestock owner’s property (in other words, not your immediate neighbor), then that person may have a lien claim against the stray animals. The livestock must have caused property damage and the escape of the …
New York Agriculture Lien Law: Landlord’s Lien
A landlord’s lien used to be superior to other creditors’ claims; however, in New York, it does not arise automatically because a landlord-tenant relationship is created. Landlords who want to retain title to the products of the land against the tenant’s other creditors must explicitly include a provision to that effect in the lease. Both the landlord and tenant should memorialize their …
New York Agriculture Liens: Background
The scope of the revised Uniform Commercial Code (“UCC”) Article 9 is newly expanded to cover the perfection, priority, and enforcement of nonpossessory “Agricultural Liens” in the farm products of those borrowers involved in farming operations. The definition of “agricultural liens” is different than the broader and more general category of “secured interest”. UCC Article 9 does not supersede any existing statutory …