UCC Document Community

Final thought - double check that your UCC-3 termination forms are using the most current version. States sometimes update forms and old versions can cause processing issues.

This is a really comprehensive thread with lots of good troubleshooting ideas. As someone new to UCC filings, I'm wondering - is there a standard checklist or best practices document for ensuring terminations process correctly? It sounds like there are multiple potential failure points (name matching, filing numbers, form versions, secured party changes, etc.) and it would be helpful to have a systematic approach to avoid these issues from the start.

Bottom line for Florida: 5 years, file continuation within 6 months before expiration, make sure debtor names match exactly, and don't procrastinate. Set a calendar reminder for at least 6 months before your expiration date so you don't forget.

Great thread everyone! As someone who's been handling UCC filings for commercial lenders for over a decade, I want to emphasize one additional point that often gets overlooked. When you file your UCC-3 continuation statement, make sure you're using the correct filing number from your original UCC-1. I've seen situations where people accidentally use an amendment number instead of the base filing number, which can cause the continuation to be rejected or not properly linked to the original filing. Also, keep detailed records of all your UCC-related filings - not just the initial one. This becomes crucial if you ever need to demonstrate an unbroken chain of perfection, especially in bankruptcy situations where trustees might challenge your security interest. The Florida system is pretty reliable, but having your own backup documentation has saved me multiple times when system records were incomplete or unclear.

This thread is making me paranoid about our PMSI procedures. Going to audit all our recent equipment financings to make sure we didn't miss any deadlines. Better safe than sorry when the priority consequences are this severe.

This is a painful but valuable lesson for all of us in equipment financing. The 20-day PMSI deadline is absolutely rigid - courts won't give you any wiggle room even if you're just a day late. I've seen too many lenders get burned by treating PMSI filings like regular secured transactions. The super-priority protection is incredible when you get it right, but the consequences of missing the deadline are brutal. For anyone reading this, consider implementing a delivery notification requirement in your loan agreements and file your UCC-1 within 10 days of funding to give yourself a buffer. The PMSI rules are designed to reward diligent lenders, not forgiving ones.

The bottom line is that if these UCC Article 3 discharge methods actually worked, banks would have changed their procedures long ago to prevent them. The fact that major financial institutions continue normal operations should tell you everything you need to know about the validity of these theories.

I'm new to this community but wanted to share a cautionary tale. My cousin got caught up in one of these UCC Article 3 schemes about three years ago in Dallas. He ended up not only losing the $3,000 he paid for the "course materials" but also faced a federal investigation when he tried to file multiple bogus discharge documents. The stress nearly destroyed his marriage, and he's still dealing with the financial fallout. What really got to him was realizing that the people selling these courses knew they were fake but kept taking money from desperate homeowners anyway. If you're having mortgage troubles, please reach out to legitimate HUD-approved housing counselors - they offer free advice and can help you explore real options like loan modifications or refinancing programs.

Wow, there's so much more to this than I realized. Are there any good resources for learning more about UCC filing requirements? I feel like I need to understand this stuff inside and out.

One thing I'd add for Maria and other newcomers - don't underestimate the importance of search reports before filing. Running a UCC search on your borrower helps you see what other liens are already out there and where you'll stand in the priority chain. It's also smart to do a final search right before closing to make sure no surprise filings popped up. I've seen deals where lenders assumed they'd be in first position only to discover a surprise tax lien or another creditor filed between the initial search and closing.