UCC Document Community

Update us when you get it filed! I'm curious how smooth Oregon's system is compared to other states.

One more tip for Oregon - make sure you have your EIN handy when filing. The system sometimes asks for it even though it's not always required. Also, if you're doing this under time pressure, consider filing during business hours so you can call the Secretary of State's office if you run into issues. Their UCC division is actually pretty helpful when you get stuck on formatting questions.

Update: Went with fair market value at $320K and filing was accepted without issues. Thanks everyone for the guidance on value definition - this community is incredibly helpful for UCC questions.

This is a great example of why having clear internal procedures for UCC value reporting is so important. We've standardized on fair market value for all equipment financing UCCs specifically to avoid this kind of confusion. It also helps that we document our valuation rationale in the file - makes it easier to defend if questions come up later during audits or refinancing. The consistency approach mentioned by Victoria is spot on - whatever method you choose, make sure it's reflected identically across the UCC, security agreement, and loan documentation.

Update: Just tried filing at 5:45AM and it went through perfectly. Portal was fast and responsive. Definitely recommend early morning filing for Colorado UCCs. Thanks to everyone who suggested the timing approach!

As someone new to UCC filings, this thread has been incredibly helpful! I'm dealing with my first continuation filing in Colorado and was getting frustrated with the portal timeouts. Based on everyone's advice, I'm going to try filing early tomorrow morning around 6AM and will definitely double-check my debtor name formatting against the original filing. It's reassuring to know these portal issues are common and not just user error on my part. Thanks for sharing all the practical tips - especially the phone number for manual processing if needed!

Thanks everyone for the input on UCC §9-102(a)(64) and successor entities. Sounds like the consensus is to make sure we clearly maintain the original debtor connection while properly documenting the successor information on our UCC-3 amendment. Going to double-check our corporate documents against our original UCC-1 and probably get some legal review before filing. Better to be extra careful with this stuff.

New to UCC filings here and this thread has been incredibly helpful! Just to make sure I understand correctly - when we have a merger situation like this, the UCC §9-102(a)(64) definition means we need to keep the original debtor name from our initial UCC-1 filing AND add the successor entity information on the UCC-3 amendment? We're about to face a similar situation where our borrower is being acquired, so want to make sure I have the process straight. It sounds like the key is maintaining that clear chain back to the original filing while properly documenting the corporate changes.

Welcome to the community, Cassondra! Great questions about UCC-1 language. For blanket liens, "ALL EQUIPMENT NOW OWNED OR HEREAFTER ACQUIRED. ALL RIGHTS TO PAYMENTS" is generally sufficient and commonly used. The "and" vs "or" distinction you mentioned is typically stylistic - "now owned and hereafter acquired" is also acceptable and equally effective. Regarding your inventory question - if the lender already has "All inventory, all titled vehicles not filed on but held in file for dealer resale" properly perfected, you likely wouldn't need a separate UCC-1 for "All inventory now owned or hereafter acquired" since the existing language should cover future-acquired inventory. However, I'd recommend reviewing the specific collateral description and ensuring it adequately covers the scope of inventory you intend to secure. Sometimes consolidating into clearer, more comprehensive language can be beneficial for clarity and enforcement purposes. The key is ensuring your collateral description is sufficiently detailed to put third parties on notice while being broad enough to cover your security interests effectively.