UCC Document Community

One more thought - make sure you have good documentation of the filing timestamp and any communications with the state office about processing delays. Bankruptcy courts like to see a clear timeline of events. Your filing receipt should show the exact time and date of submission, which establishes your 9-308(e) perfection moment.

Just wanted to follow up on this thread since I've handled several 9-308(e) perfection timing disputes. The consensus here is absolutely correct - your Tuesday filing date controls for perfection purposes, not when the state office processed it. I've seen bankruptcy trustees make this exact argument dozens of times and they virtually never succeed unless there were actual substantive errors in the original filing. The two-day processing delay is irrelevant under 9-308(e). Your $850K equipment financing should be secure as long as your UCC-1 was complete and accurate when submitted. Courts consistently interpret "when all applicable requirements are satisfied" to mean the moment of proper filing, not administrative processing. Keep your filing receipt and timestamp - that's your proof of perfection date.

Bottom line - you need to get legal counsel involved ASAP if you haven't already. Fraud cases involving secured transactions require specialized expertise and the stakes are too high to handle this yourself. The interplay between UCC law, fraud principles, and state-specific variations is complex enough that you really need professional guidance.

This is a really complex situation that highlights how fraud can create unexpected vulnerabilities even for properly perfected secured parties. Based on the discussion here, it seems like your good faith reliance on legitimate-appearing documentation is your strongest defense. One thing I'd add is to make sure you're documenting the current condition and location of the equipment - if this turns into a three-way dispute between you, the borrower, and the original seller, having clear evidence of the collateral's status could be important. Also, consider whether your loan agreement has any representations or warranties from the borrower about clear title that might give you additional recourse against them personally, even if the equipment becomes unavailable. The 70% recovery that Paolo mentioned shows these situations can sometimes be resolved through negotiation rather than litigation, which might be worth exploring given the costs and uncertainty of court proceedings.

Update us on how this resolves! I'm dealing with a similar situation with deposit account control and curious whether you get the banks to cooperate or end up having to restructure the deal.

I've seen this exact scenario play out multiple times, and the key is persistence with the right people at each bank. Most commercial bankers don't understand the difference between their standard account control language and what's actually required for UCC 9-104 control. You need to get to someone who understands that the control agreement must give you the unilateral right to direct disposition of funds without any further consent from the debtor. I'd recommend preparing a side-by-side comparison showing their standard language versus the required 9-104 provisions - it makes the gaps crystal clear. Also, don't accept any agreement that has carve-outs or exceptions that would require debtor consent for fund transfers. With a $2.8M facility, you can't afford to have control that's only theoretical.

One last tip - if you find any UCC filings that concern you, don't hesitate to reach out to the secured party directly. Sometimes the collateral descriptions are broader than they need to be and you can get clarity on what's actually covered.

This thread is incredibly helpful! I'm actually working on my first acquisition deal (much smaller scale) and had no idea about the county fixture filing requirements or the Oklahoma Corporation Commission searches for oil and gas operations. The checklist approach seems smart - I was just planning to do the basic SOS search but clearly that's not nearly comprehensive enough. Question: for those using search companies, what's the typical turnaround time and cost range for a thorough Oklahoma UCC search including all these additional databases?

For future reference, keep a backup plan for critical searches. I maintain a spreadsheet with all our frequent debtors and their recent search dates. When the portal is down, at least I know how current my last search was and can assess the risk of proceeding without a fresh search.

For immediate relief on your $2.8M deal, I'd recommend trying the Michigan Business Portal (https://cofs.lara.state.mi.us) as an alternative entry point - sometimes when the main UCC search portal is down, you can still access searches through the business entity lookup section. Also, consider reaching out to title companies in your area who might have direct API access to the database. We've had luck with First American and Old Republic when we're in a pinch. They can often run searches same-day even when the public portal is having issues. Just make sure to factor the additional cost into your closing expenses.