What went wrong at Corsica?
The first thing you do if you buy cattle or machinery is make sure there is not a lien on them. If you borrow money at the bank, it is the rule that when you sell either one, the buyer has to make the check out to you and the bank. The bank has to protect themselves by filing a lien with the state at the office of director of banking division in Pierre.
Anyone can call and get information for the lien list. Items that have a lien on them must be described for cattle, sex, brand, age, breed color. For machinery you go by description of the machinery and serial numbers. If the bank fails to do this, they have a big problem.
Owning six livestock markets, you learn very fast to check the lien list. If I paid the seller that had a lien on the livestock and did not write the check out jointly to them and the bank, I would be held responsible.
As for the bank that financed the Corsica fraud case, if they did not have a lien with the state, they made a costly mistake. After 53 years in the livestock marketing business, you better do your homework before you take a test. It is very evident that several people and banks made a mistake.
To get information on the lien list, contact the Director of Banking Division in Pierre.