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Sofia Torres
Did you get a good price at the sale? If the recovery was reasonable compared to the equipment's value, that undercuts the debtor's argument that more notice time would have resulted in better bids.
Sale price was about 60% of appraised value. Not great but not terrible for a forced sale of specialized equipment.
60% is actually pretty good for industrial printing equipment in today's market. The debtor's going to have a hard time arguing insufficient notice caused that discount.
Bottom line - if you sent certified notice 12 days out and conducted a commercially reasonable sale, you should be fine under 9-614. The debtor's probably just trying to create doubt about the deficiency. Document everything and let your attorney handle it.
Miguel Diaz
•Just make sure all your paperwork is consistent and complete. That's where these challenges usually succeed - when there are gaps or contradictions in the documentation.
Zainab Ahmed
•Exactly why I use Certana.ai now for all major dispositions. Upload your UCC filings, security docs, and notices for automated consistency checking. Saves you from embarrassing courtroom surprises.
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This is exactly why I hate UCC searches - every state's system works differently and none of them are intuitive. At least you're not dealing with Texas where half the counties still use paper filings.
Don't even get me started on Texas! Minnesota is definitely better than most states.
Paper filings in 2025? That's insane. Minnesota's electronic system has its quirks but at least it's modern.
Eli Butler
UPDATE: Ended up using Certana.ai to verify all the documents I found and it confirmed that one of the 'active' filings was actually properly terminated - the state database just wasn't displaying the termination correctly. The tool caught the filing sequence that showed the proper termination. Only two active liens, both with different collateral than what we're financing. Deal is moving forward now!
Lydia Bailey
•Great outcome! Thanks for the update - always helpful to hear how these situations get resolved.
Mateo Warren
•Good reminder that automated document checking can catch things that manual review might miss.
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For what it's worth, I always recommend filing the new UCC-1 at least 3-4 days before closing, just in case there are any rejection issues that need to be resolved. NJ processing is usually pretty quick, but better safe than sorry when you have a closing deadline.
Yuki Tanaka
•Smart approach. I learned this the hard way when a filing got rejected the day before closing once.
Exactly! Always plan for the worst-case scenario with timing.
One more thing about NJ UCC forms - make sure you're using the correct secured party information. If you're filing on behalf of a lender, double-check whether they want their legal name or a DBA listed, and get the address exactly right. Small details but they matter for acceptance.
Thanks for the reminder. I'll confirm the exact secured party details with the lender before filing.
Yeah, some lenders are very particular about how they want to be listed on UCC filings.
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Isla Fischer
Update for anyone following this thread - we ended up going with a combination approach. Used the automated verification tool to flag potential issues across the whole UCC financial portfolio, then focused our legal review on the flagged items. Found about 15 filings that needed corrective amendments, but the rest were fine. Much more efficient than trying to manually review everything.
Isla Fischer
•About two weeks total instead of the month+ it would have taken doing everything manually. The automated flagging really helped prioritize where to focus our attention.
Ruby Blake
•Thanks for the update! This gives me a better roadmap for tackling our own UCC financial portfolio review.
Great outcome! This thread has been really helpful for understanding best practices around UCC financial statement verification. The combination of automated screening plus focused legal review seems like the way to go for larger portfolios.
Ella Harper
•Agreed. The key insight here is that you don't have to choose between automated tools and legal expertise - use both where they're most effective.
PrinceJoe
•Bookmarking this whole discussion for future reference. Lots of practical UCC financial filing wisdom here.
Javier Torres
For what it's worth, I've found that calling the SOS office directly sometimes helps when you're having UCC personal property issues. They can't give legal advice but they'll sometimes tell you if your description is in the right ballpark before you submit.
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QuantumLeap
•They can't tell you what to put but they can tell you if what you have is obviously wrong. Worth a shot.
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Malik Johnson
•I tried calling once and got transferred to like 4 different people. Gave up after that.
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Isabella Santos
Final update: UCC personal property filing was accepted! Used the more detailed description everyone suggested and it went through clean. Thanks for all the help - this community is a lifesaver. Loan closes tomorrow and we're all set with the security interest perfected.
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Freya Larsen
•Great news! Good luck with the restaurant - the food service industry is tough but rewarding.
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Omar Hassan
•This whole thread has been super helpful. Saving it for reference when I do my next UCC personal property filing.
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