UCC Document Community

Got myself into a real headache here and need some guidance on UCC security interest priority rules. We financed some manufacturing equipment back in March 2024 with a regional bank, they filed their UCC-1 on March 15th. Then in August we needed additional working capital and took out another loan with a different lender using the same equipment as collateral - they filed their UCC-1 on August 22nd. Now I'm finding out there might be issues with the priority between these two liens and I'm not sure who has the superior security interest. The equipment is worth about $180k and both loans are still active. Bank #1 has about $95k outstanding, Bank #2 has $67k outstanding. I thought it was just first-to-file wins but my attorney is telling me it's more complicated than that. Anyone dealt with overlapping UCC filings on equipment collateral? Really need to understand how the priority rules actually work in practice.

Been doing due diligence on a potential acquisition and running into something strange with the Florida sunbiz UCC search results. When I pull up the target company's filing history, there are these odd gaps where I can see a UCC-1 from 2019 but then nothing shows up until a UCC-3 continuation from last year. The debtor name is exactly the same on both filings, but I'm missing like 3-4 years of what should be continuous filings. Has anyone else noticed the Florida system not displaying all historical UCC records properly? I've tried different variations of the company name and even searched by filing number, but still getting incomplete results. This is a $2.8M deal and I need to make sure there aren't any hidden liens or improperly continued filings that could mess up our financing. The company swears they've been current on all their continuation filings but the search results don't match their paperwork.

I've been working on a complex secured transaction for the past month and my client's attorney keeps mentioning something called "UCC Form 11" but I can't find any reference to this anywhere in our state's filing system or the standard UCC forms. I've handled hundreds of UCC-1 filings, amendments, and continuations but this UCC Form 11 has me completely stumped. The attorney claims it's required for certain types of collateral but won't elaborate. Has anyone encountered this form before? I'm starting to think there might be some confusion with state-specific forms or maybe they're referring to an attachment schedule? Our SOS office doesn't list any Form 11 in their UCC section and I've checked the official UCC forms library. This is holding up a $2.3M equipment financing deal and I need to figure out what they're actually referring to. Any insights would be greatly appreciated.

I'm working on a small business loan and the lender wants me to prepare the security agreement myself to save on legal fees. They said I can find free security agreement templates online but I'm worried about getting the collateral description wrong and messing up the UCC-1 filing later. Has anyone used free templates that actually work with UCC requirements? I don't want to end up with a filing rejection because the security agreement doesn't match what gets put on the UCC-1 form. The collateral is mainly office equipment and inventory but I'm not sure how specific I need to be in the description.

Really stressed about this situation. We had a UCC-1 filed back in 2017 for equipment financing and I just realized the 5-year continuation window might have closed already in 2022. Been going through old files and can't find any UCC-3 continuation that was supposed to be filed. The original filing was for manufacturing equipment securing a $450K loan. Is there any way to fix this if we missed the continuation deadline? The loan is still active and we definitely need the lien perfected. Has anyone dealt with missing UCC amendments 2022 deadlines? I'm worried we lost our security interest completely.