I'm late to the party but I encountered the same thing when I tried to get fancy and move my library and then had files being saved to a folder that was outdated:
.libloc <<- "C:/Program Files/rest_of_your_Library_FileName"
One other point to mention is that for Windows Computers, if you copy the address from Windows Explorer, you have to manually change the '\' to a '/' for the directory to be recognized.
