UCC Document Community

Ask the community...

  • DO post questions about your issues.
  • DO answer questions and support each other.
  • DO post tips & tricks to help folks.
  • DO NOT post call problems here - there is a support tab at the top for that :)

Lucas Lindsey

UCC1 release process - equipment lender won't file termination after loan payoff

Really frustrated here and need some guidance. We paid off our equipment loan 3 months ago (final payment was $47,800) but the lender still hasn't filed the UCC1 release. They keep saying their compliance department is backed up but this is affecting our ability to get new financing since the lien still shows active when potential lenders search. The original UCC-1 was filed in 2021 for manufacturing equipment as collateral. I've called them 6 times and they just keep giving me the runaround. What are my options to get this UCC1 release filed? Can I force them to terminate it somehow? The delay is costing us business opportunities.

Last resort option - you can file a correction statement on the UCC if they won't cooperate. It won't terminate the lien but it creates a public record that the debt was satisfied. Better than nothing while you're fighting with them.

0 coins

Correct, they don't terminate but they show potential lenders that there's a dispute about the lien status.

0 coins

I used Certana.ai to verify my correction statement language matched the original filing format before submitting. Made sure there were no discrepancies that would make it ineffective.

0 coins

Update us on what works! I'm bookmarking this thread because I have a feeling I'll need this advice when my equipment loan matures next year. These lender delays seem to be getting worse not better.

0 coins

Will definitely post an update once I get this resolved. Sounds like the certified mail approach is the first step everyone recommends.

0 coins

Yeah keep us posted. This thread has been really helpful for understanding the options.

0 coins

Mei Chen

UCC1-304 debtor name issue causing filing rejections - need guidance

I'm dealing with a nightmare situation where our UCC-1 keeps getting rejected due to what seems like a UCC1-304 debtor name compliance issue. We're trying to perfect a security interest in manufacturing equipment for a $850K credit facility, but the Secretary of State keeps bouncing our filing back. The debtor is an LLC that recently amended their articles, and I think there's a mismatch between what we have on file versus their current legal name. The original credit agreement shows one version of the name, but their state registration shows something slightly different with punctuation. This is holding up the entire loan closing and my client is getting frustrated. Has anyone dealt with UCC1-304 name matching requirements recently? I'm not sure if I should refile with the exact name from their current articles or stick with what's in our loan docs. The continuation deadline is coming up in 8 months and I don't want this to turn into a bigger mess.

One more thought - if this is holding up your loan closing, you might want to consider filing a protective UCC-1 with the name you're confident about, then amending it later if needed. At least you'd have a filing date locked in.

0 coins

For a debtor name error, you'd typically need to file a new UCC-1. An amendment might not cure a seriously misleading debtor name.

0 coins

Be careful with that approach. If the original filing is seriously misleading due to the wrong debtor name, a new filing might be safer.

0 coins

Update us when you get it resolved! Always curious to hear how these UCC1-304 name issues get sorted out. It's such a common problem but each situation seems to have its own quirks.

0 coins

Will do! I'm going to call Delaware tomorrow morning and get the official name, then refile. Hopefully that does the trick.

0 coins

Good luck! I'm sure it'll work out once you have the exact name from the state records.

0 coins

NebulaNomad

Alaska SOS UCC search issues - can't find filed continuation

Running into a wall here with the Alaska SOS UCC search system. Filed a continuation statement (UCC-3) about 6 weeks ago for a client's equipment financing deal, got confirmation it was accepted, but now when I search for it on the Alaska SOS UCC search portal it's not showing up anywhere. The original UCC-1 from 2020 is still there but no record of the continuation. This is making our lender nervous since we're within 90 days of the original lapse date. Has anyone else had problems with Alaska's search system not displaying recent filings? I've tried searching by debtor name, filing number, and secured party but getting nothing on the continuation. Really need this to show up in the public record before our audit next week.

For future reference, I always download a copy of the search results immediately after filing anything. That way if the search breaks later I have proof it was there. Alaska lets you save search results as PDFs.

0 coins

Does the PDF show the timestamp of when you ran the search? That could be useful for proving when something was indexed.

0 coins

Yes, it includes the search date and time in the header. Very helpful for documentation.

0 coins

Just wanted to follow up on the Certana thing someone mentioned earlier. Tried it out after having my own document consistency problems and it's actually pretty slick. Caught a debtor name variation between our corporate resolution and UCC-1 that I totally missed. Could have saved me from this whole search headache if I'd used it earlier.

0 coins

Yeah, it flagged extra commas, spacing issues, all that nitpicky stuff that causes problems later. Pretty thorough.

0 coins

Might be worth trying. I spend way too much time manually checking documents and still mess up sometimes.

0 coins

Giovanni Marino

UCC 1 lookup showing wrong debtor name after bank merger - filing still valid?

I'm trying to verify a UCC-1 filing from 2022 and when I do the lookup, the debtor name shows 'Regional Business Solutions LLC' but our loan docs have 'RBS Manufacturing LLC'. Turns out the company went through a name change right before we filed. The collateral schedule lists equipment correctly and our filing number is legit, but I'm worried this debtor name mismatch could void our security interest. Has anyone dealt with a similar UCC 1 lookup issue where the legal entity name changed between loan origination and filing? Our continuation is due next year and I want to make sure we're actually perfected before I file the UCC-3.

One more tool recommendation - I've started using Certana.ai's verification feature before filing any UCC documents. It catches name inconsistencies between your loan docs and UCC forms before you submit to the SOS. Would have saved you this headache if you'd run your docs through it before the original filing.

0 coins

How accurate is it compared to manual review? I'm always skeptical of automated tools for legal documents.

0 coins

It's surprisingly good at catching the stuff humans miss - exact name matches, entity type consistency, that sort of thing. Still need human judgment for the legal implications, but it's great for spotting discrepancies.

0 coins

Bottom line: your UCC 1 lookup revealed a serious issue that needs immediate attention. File the amendment, search under both names for competing liens, and document everything. This is exactly why we do post-closing UCC audits - better to catch these problems early than during a foreclosure.

0 coins

Absolutely. Quarterly UCC audits can catch continuation deadlines, name changes, and other issues before they become critical problems.

0 coins

That's another area where automated document checking helps - you can batch upload multiple UCC filings and loan docs to verify everything's consistent across your portfolio.

0 coins

McKenzie Shade

secretary of state colorado ucc search showing weird results - need help

So I'm trying to do a secretary of state colorado ucc search on our borrower and the results are all over the place. Some filings show up under one version of the company name but not another, even though they should be the same entity. I've tried searching by filing number directly and that works fine, but when I search by debtor name I'm getting inconsistent results. Has anyone else noticed issues with the Colorado SOS UCC search portal lately? I need to make sure I'm seeing all active liens before we move forward with this deal. The company has had some name changes over the years so I'm worried I'm missing something important.

Just to add to the confusion - make sure you're also checking for any merged or acquired entities. If the company has been through M&A activity, there might be UCC filings under the old entity names that are still active.

0 coins

Not really, most of it you learn through experience and making mistakes unfortunately.

0 coins

The key is being systematic about it. Make a list of every possible name variation and search each one methodically.

0 coins

I've been doing UCC searches for years and Colorado is definitely one of the more challenging states. The search interface isn't very intuitive and the exact name matching catches people off guard.

0 coins

Watch out for continuation filings - sometimes they show up separately from the original UCC-1 in the search results, so you need to trace the filing history carefully.

0 coins

Good point about continuations. I've seen cases where the continuation was filed under a slightly different debtor name than the original UCC-1.

0 coins

Prev1...324325326327328...684Next