UCC Document Community

The bottom line on UCC findings: they're your roadmap to understanding what liens exist and how they affect your proposed financing. Take time to properly analyze them rather than just collecting the search results. A thorough findings review can save you from expensive surprises down the road.

As someone new to secured transactions, this discussion has been eye-opening. I'm wondering about timing - how far in advance of closing should we be conducting UCC searches and reviewing findings? I assume you don't want the search results to be too stale, but you also need time to analyze potential conflicts and negotiate subordination agreements if needed. What's the typical timeline for this process in equipment financing deals?

One more thing about Oklahoma UCC filing fees - make sure you account for potential continuation costs in your loan documentation. That $10 every 5 years might seem small now but if you have hundreds of active filings it adds up. I include a line item for UCC maintenance costs in all my term sheets now.

Thanks for bringing up this topic! As someone new to UCC filings, I'm curious about the timeline for these Oklahoma filings. How long does it typically take to get confirmation after you submit online? And if there is a rejection, how quickly do they notify you? Trying to plan out timing for a deal where we'll need the UCC filing completed before closing.

Just get the LLC formation documents from the Secretary of State and use whatever name appears there for your UCC-1. The bailee's warehouse receipts don't determine the legal name of your debtor. Simple as that.

I've handled several bailee UCC situations and the name mismatch issue is definitely something to take seriously. The good news is that courts generally focus on whether a reasonable searcher would find your filing when searching under the debtor's correct legal name. Since you're dealing with just a comma difference between "Johnson Construction LLC" and "Johnson Construction, LLC", this is likely a minor variation that wouldn't invalidate your filing. However, given the $180K value at stake, I'd recommend: 1) Pull the official LLC formation documents to confirm the exact legal name, 2) File using that exact name, and 3) Consider filing a second UCC-1 with the alternative name variation as extra protection. The filing fee for a second UCC-1 is minimal compared to the risk of losing perfection on such valuable collateral. Also, make sure your security agreement specifically addresses goods held by bailees to avoid any gaps in coverage.

This happened to my business partner too. Turned out the bank filed the UCC-3 but used slightly different business name formatting, so the termination didn't properly link to the original UCC-1. Had to be refiled with correct debtor name matching.

I went through something similar last year with a piece of equipment I financed. The key thing is to act quickly - that 30-day window they mention is real. First, do a UCC search on your state's Secretary of State website to see what's currently active under your business name. If you find a UCC-1 that should have been terminated when you paid off your equipment loan, gather all your payoff documentation (loan closure letter, final payment receipts, etc.) and contact your former lender's loan servicing department immediately. Don't just call - send a formal written request for them to file a UCC-3 termination statement. Keep records of everything. These zombie filings can really complicate future financing if left unresolved.

Update us when you get answers from the states! This is exactly the kind of institutional knowledge that gets lost over time. Having a clear answer about what UCC-108 was will help anyone else dealing with similar portfolio documentation.

This is fascinating - I'm actually working on a similar historical UCC research project right now. Based on what I've seen in my files, UCC-108 appears most commonly in contexts where there were multiple secured party changes or complex assignment chains. I wonder if it was specifically used for assignment documents where the original filing had already been continued or amended multiple times? The timing you mentioned (early 2000s) aligns with when many states were transitioning their systems, so there might have been temporary form designations during that conversion period. Have you noticed if the UCC-108 references always appear alongside assignment language or secured party changes?