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Originally Posted by Grits
I'm inclined to agree with the above. And in reading the thread, I believe it's post 5 that someone correctly defined the term, lien.
In following that definition, every subsequent bit of blather could be deleted in this, now two page thread.
Did anyone click on the link and read the DRF article?
Possibly not.
A bank doesn't want a horse anymore than it wants your house or your car. And I'm sure y'all know that.
The bank's greater problem is that they cannot locate the Whetstone's, who they're obviously searching for. Who they ALMOST granted a loan in the sum of 125 million. Mr.Whetstone having not disclosed to the bank his being charged with fraud in four states in the 80s and 90s.
There is a Commercial Loan Officer sitting in Fifth Thirds building, somewhere, whose in a lot of trouble. Since its the responsibility of lending officers to "discover" these descrepancies before extending any funds, much less a multi-million dollar loan.
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I'd say the bank has problems bigger than locating Whetstone:
1. Finding the person in 5/3 who did not get their lien properly attached to the horse so that the new buyer was aware of it.
2. Firing the person who made the initial loan to Whetstone, a convicted felon.
3. Firing the person who hired the person who made that loan.
Banks are not immune to doing bad business. Especially when money is cheap and they're under pressure to make loans. Just like anyone else in sales, that loan officer had his goals and just did a lousy job.
Sorry the rest of the thread didn't agree with you.