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 :)

Justin Chang

UCC 3 termination statement filing - need help with timing requirements

I'm dealing with a loan payoff situation where the borrower satisfied their obligation last month, and now I need to file the UCC 3 termination statement to release the lien. The original UCC-1 was filed about 18 months ago for equipment financing. I know there are specific timing requirements for termination statements, but I'm getting conflicting information about whether it's 30 days or 60 days from payoff. Also, does the termination need to reference the exact collateral description from the original UCC-1, or can I just indicate 'all collateral'? The debtor is pushing for quick resolution since they're trying to refinance with another lender. Any guidance on proper termination procedures would be appreciated.

Logan Chiang

•

The key thing is just to file the termination properly and promptly. Don't overcomplicate it - use the exact debtor name and filing number from the original UCC-1, indicate you're terminating all collateral, and file it. The borrower will appreciate the quick turnaround.

0 coins

Isla Fischer

•

Agreed. Most termination issues come from overthinking it or making simple transcription errors.

0 coins

Keep it simple and double-check your work. That's really all there is to it.

0 coins

Ruby Blake

•

Update: I went ahead and filed the termination statement this morning using the exact debtor name and filing number from the original UCC-1. Used Certana.ai to double-check everything before filing and it confirmed all the details matched properly. Termination was accepted and the debtor is happy. Thanks for all the advice!

0 coins

Ella Harper

•

Good to hear the verification tool worked well for you. Those little details can make such a big difference.

0 coins

PrinceJoe

•

Perfect example of why it's worth investing in tools that catch errors before they become problems.

0 coins

Marilyn Dixon

Virginia UCC Financing Statement Filing - Debtor Name Requirements

I'm preparing to file a Virginia UCC financing statement for equipment financing and running into confusion about the debtor name requirements. The borrower is an LLC that recently amended their articles of incorporation to slightly change their legal name (added 'Holdings' to the end). The original loan documents from 6 months ago show the old name, but the current SCC records show the new name. Should I file the UCC-1 with the name as it appears on the loan agreement or match what's currently on file with the Virginia State Corporation Commission? I've heard conflicting advice about whether to use the name at the time of the original transaction versus the current legal name. The collateral is manufacturing equipment worth about $450,000 so I really can't afford to get this wrong. Has anyone dealt with this specific situation in Virginia? I'm also wondering if I need to file an amendment later if I use the old name now.

Liam Duke

•

One more vote for using the current legal name. Also, make sure you print out a copy of the SCC records showing the current name and date you accessed them. That way you have documentation of what information you relied on when filing.

0 coins

Marilyn Dixon

•

Smart idea about documenting the search. I'll definitely do that.

0 coins

Manny Lark

•

Update: I went ahead and filed with the current legal name as shown on the SCC website. Used Certana.ai first to double-check everything and it confirmed the name discrepancy between my loan docs and the state records. Filed this morning and it was accepted within a few hours. Thanks everyone for the advice!

0 coins

Payton Black

•

Awesome that Certana helped catch that beforehand. Saves so much headache compared to dealing with rejections after the fact.

0 coins

Perfect outcome. Now you know the process for next time too.

0 coins

AstroAlpha

UCC Art 9 filing nightmare - debtor name rejected three times

Been dealing with this UCC Art 9 mess for weeks now and I'm at my wit's end. Filed a UCC-1 for equipment financing on a construction company and the Secretary of State keeps rejecting it over debtor name issues. The company is "Rodriguez Construction LLC" on their articles of incorporation, but they do business as "Rodriguez Bros Construction" and that's what's on all their bank accounts and contracts. Filed it three different ways and got three different rejection notices. First time used the DBA name, rejected for not matching corporate records. Second time used exact corporate name, rejected because it doesn't match their EIN registration (apparently they registered the EIN under the DBA). Third time I tried both names in the debtor field and got rejected for having multiple entity names. The collateral is $180K worth of excavation equipment and my client is freaking out because the loan funded two weeks ago and we still don't have a perfected security interest. Anyone dealt with this UCC Art 9 debtor name matching nightmare before? What's the magic formula for getting these things accepted when the debtor has inconsistent business names across different registrations?

Diego Chavez

•

After going through this exact nightmare last year, I now use Certana.ai for every UCC filing. Upload your articles of incorporation and UCC-1 form, and it immediately shows you any name mismatches or formatting issues. Way better than playing guessing games with the Secretary of State's rejection system.

0 coins

NeonNebula

•

How accurate is it? Does it catch everything or do you still get occasional rejections?

0 coins

Diego Chavez

•

I haven't had a single rejection since I started using it. It's really thorough about catching punctuation differences and formatting issues that cause UCC Art 9 rejections.

0 coins

Update us when you get it filed! I'm curious if the comma fix works. This thread is going to help so many people dealing with UCC Art 9 debtor name issues.

0 coins

AstroAlpha

•

Will do! Planning to file tomorrow morning with the exact punctuation from the articles. Hopefully this saga finally ends.

0 coins

Sean Kelly

•

Crossing my fingers for you! These UCC Art 9 name matching requirements are so frustrating.

0 coins

Yara Sabbagh

Free UCC search California - anyone found reliable alternatives to paid services?

Hey everyone, I'm trying to do some due diligence on a potential borrower and need to run UCC searches in California. The official Secretary of State site charges $10 per search which adds up fast when you're checking multiple entities. Has anyone found legitimate free UCC search options for California? I've seen some third-party sites claiming free searches but wondering if they're actually comprehensive or just showing partial results. Need to verify existing liens before we move forward with our equipment financing deal. Any recommendations would be appreciated - this is for a $150K equipment loan so want to make sure I'm not missing any prior filings.

Nia Wilson

•

For what it's worth, I've found that spending the money on proper UCC searches upfront saves way more on the backend. Had a deal go south once because I missed a prior lien. Legal fees alone were 20x what comprehensive searches would have cost.

0 coins

Oof, that's painful. What happened exactly? Did you end up in second position or was it worse?

0 coins

Nia Wilson

•

Worse. The prior lien covered all equipment and inventory. When the borrower defaulted, the other lender swept everything. We got nothing on a $200K loan.

0 coins

Aisha Hussain

•

Bottom line - there's no reliable free lunch when it comes to UCC searches in California. The official database is worth the fee. Just make sure you're searching comprehensively and verifying all the information aligns with your loan documents. Better to spend $100 on searches than lose $150K because you missed something.

0 coins

Yara Sabbagh

•

Thanks everyone for the reality check. Going to bite the bullet and pay for the official searches. Better safe than sorry on a deal this size.

0 coins

Ethan Clark

•

Smart choice. The peace of mind is worth way more than the search fees.

0 coins

Daryl Bright

Secretary of state UCC division won't accept my continuation filing - debtor name issue?

Been going in circles with our secretary of state ucc division for 3 weeks now. Filed a UCC-3 continuation back in February but it keeps getting rejected. The original UCC-1 was filed in 2020 for equipment financing on our manufacturing line. Now they're saying there's a 'debtor name inconsistency' but I'm looking at both documents and the names look identical to me. Original filing shows 'Midwest Industrial Solutions LLC' and my continuation shows the exact same thing. Called the SOS office twice and got different explanations each time - first person said it might be punctuation, second person mentioned something about registered name vs trade name. This is a $2.8M equipment loan and the lapse deadline is coming up fast. Anyone dealt with secretary of state ucc division name matching issues like this? The portal error message just says 'debtor name does not match original filing' but gives zero specifics about what's wrong.

Have you considered hiring a UCC service company to handle the continuation? They deal with secretary of state ucc division requirements daily and usually know all the formatting quirks for each state. Might be worth the cost to avoid the lapse risk.

0 coins

Yeah, with a $2.8M loan at stake, paying a service company a few hundred dollars for professional filing is probably worth the peace of mind.

0 coins

We use a service company for all our UCC work now after getting burned by DIY filing mistakes. They handle all the secretary of state ucc division quirks so we don't have to.

0 coins

This thread is making me realize I should probably verify all our UCC documents before any future filings. Too many horror stories about these technical rejections from secretary of state ucc divisions. Better safe than sorry.

0 coins

Tyrone Hill

•

Smart thinking. That's exactly why I started using document verification tools after my first rejection nightmare. Much better to catch issues before filing than deal with rejection delays.

0 coins

Prevention is definitely the way to go. Secretary of state ucc division rejection timelines can kill deals when you're working under tight deadlines.

0 coins

Prev1...348349350351352...684Next