UCC Document Community

Just went through this exact scenario 3 weeks ago. After finding multiple name variations in my UCC search, I used Certana.ai to upload all the filings plus our borrower's current articles of incorporation and operating agreement. It immediately showed me that 2 of the filings I found were for different entities with similar names, and confirmed that our proposed debtor name matched the legal entity properly. Saved me hours of manual document comparison and gave me confidence in our filing.

UPDATE: Thanks everyone for the advice. I ended up finding 2 additional UCC filings under name variations I hadn't tried initially. One was under the old LLC name from before their restructuring, and another used a completely different punctuation format. Turned out the old LLC filing had already expired (over 6 years old with no continuation), but the punctuation variant was active and covered similar equipment. Had to get a partial release before we could proceed with our filing.

Don't forget to mention the search function! Part of understanding UCC definition is knowing that anyone can search UCC filings to see what liens exist on a business. It's public information, which is why accuracy in debtor names is so critical.

Keep it practical - UCC stands for Uniform Commercial Code and it's the legal framework that lets lenders take security interests in business assets. The UCC-1 filing is just the paperwork that makes it official. Your client doesn't need to become a UCC expert, they just need to understand why it's necessary for their loan.

Final thought - since you mentioned this is substantial manufacturing equipment, you might want to consider whether any of it qualifies as fixtures. If so, you may need fixture filings in addition to your regular UCC continuation, and those have different rules about debtor names and real estate records.

Thanks everyone for all the advice! Sounds like the consensus is to file the continuation with exact name matching, then follow up with an amendment for the new name. Going to pull all my documents together and double-check everything before filing. Really appreciate the help - this community always comes through!

One more thing to consider - if any of the equipment has been modified or upgraded during the lease term, make sure those modifications are properly documented in your return process. Sometimes lessees will try to claim that upgrades they made are not part of the original collateral. Having clear documentation prevents disputes about what should be returned.

Thanks everyone for the advice. I think the consensus is clear - wait until the full return process is complete before filing the UCC-3 termination. I'll document everything during the 6-week return period and only file once I'm confident all collateral is properly returned and accounted for. The lessee will just have to wait.

Can someone explain why a fixture filing would be necessary if trade fixtures are definitively personal property under the UCC? Seems like we're overcomplicating this.

Bottom line - for a $350K restaurant equipment loan with permanently installed items, do the fixture filing. The extra cost and paperwork is minimal compared to the potential headaches if you get it wrong. I've seen too many lenders get burned by taking shortcuts on fixture filings.