UCC Document Community

Really wish there was better guidance on this stuff. The EIDL portal never mentioned UCC implications and now I'm worried about how it affects my credit line applications.

As someone who went through this process recently, I'd recommend creating a UCC monitoring system for your business. Set calendar reminders for the 5-year continuation deadline and check your state's UCC database quarterly to make sure everything stays current. Also, keep copies of all your EIDL documents in one folder - you'll need them when applying for other financing since lenders always ask about existing liens. The UCC filing itself isn't something to worry about, but staying on top of it will save you headaches down the road.

Final advice - if you have a defective collateral description, file the UCC-3 amendment to fix it properly. The UCC-5 information statement won't solve your problem and might actually hurt your position by suggesting you think the original filing was adequate. Get that amendment filed ASAP.

Just went through something similar last month. The key distinction everyone's hitting on is crucial - UCC-5 is purely informational and won't cure a defective collateral description. Since you mentioned your original filing just says "all equipment," you're dealing with an overly broad description that needs actual amendment via UCC-3, not just clarification. The borrower's counsel probably knows this and may be hoping you file the wrong form. I'd recommend getting that UCC-3 prepared with a specific description of the manufacturing equipment you actually financed, and make sure all the debtor information matches your original filing exactly to avoid rejection. Time is critical here since they're already challenging your perfection.

Final thought - since your funding is contingent on proper perfection, I'd recommend having a UCC attorney review your filing strategy before proceeding. With a leased premises, $2.8M in equipment, and potential fixture issues, this isn't the time to guess. Get professional guidance to ensure you're properly protecting the lender's interests.

As a newcomer to UCC filings, I'm finding this discussion really enlightening. I'm working on a much smaller equipment loan ($150K) but facing similar fixture vs personal property questions with restaurant equipment that's being hard-plumbed into a leased space. The dual filing approach mentioned here seems like solid advice - better to over-secure than risk losing priority. I'm curious though - for those who've done dual filings, do you typically use identical collateral descriptions on both the UCC-1 and fixture filing, or do you tailor the language differently for each filing office? Also, when you mention getting landlord consent for fixture filings on leased premises, is that typically a formal document or just written acknowledgment in the lease?

Pro tip: most states have online UCC search systems where you can verify your filing went through correctly and check for competing liens. Always good to double-check a few days after filing.

This thread has been incredibly helpful! I'm realizing we need to tighten up our UCC1 procedures significantly. A couple follow-up questions: 1) What's the typical filing fee range for UCC1s across different states? 2) If we have a loan participation where we're not the lead lender, who should be listed as the secured party on the UCC1? And 3) For revolving credit facilities secured by equipment, do we need to file amendments every time they draw additional funds, or does the original UCC1 cover future advances as long as we specify that in the security agreement?

Update: I ended up using that Certana.ai verification tool someone mentioned and it was actually really helpful. Found two issues - a slight variation in our corporate name (we had "LLC" instead of "L.L.C.") and the collateral description was missing a serial number that was in our purchase agreement. Got everything corrected and filed yesterday, well ahead of the equipment delivery. Thanks everyone for the advice!

As a newcomer to UCC filings, this thread has been incredibly educational! I'm curious about something - when you mention the 20-day grace period for PMSI priority, does this apply in all states or are there variations? Also, for someone just starting to handle these types of filings, are there any reliable resources or training programs you'd recommend to get up to speed on UCC requirements? I want to make sure I understand all the nuances before I'm in a situation like Raúl's where timing and accuracy are critical.