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 :)

Olivia Evans

What does UCC stand for in accounting - filing confusion

I'm working on some loan documentation for our small manufacturing business and keep seeing UCC referenced everywhere but honestly have no clue what it means in accounting context. Our banker mentioned we need to file some UCC forms for our equipment financing but didn't really explain the acronym itself. I've been doing our books for 3 years and feel embarrassed that I don't know this basic term. Is this something every business owner should understand? We're getting a $180K equipment loan and the bank keeps talking about UCC-1 filings and perfecting their security interest. Can someone break down what UCC actually stands for and why it matters for accounting/financing purposes?

The UCC is actually pretty fascinating from a historical perspective - it standardized commercial law across all 50 states which was a huge achievement. Before the UCC, every state had different rules for secured transactions which made interstate commerce much more complicated.

0 coins

That's interesting background but probably more detail than needed for practical business purposes...

0 coins

Actually I do appreciate understanding the bigger picture! Helps me feel less intimidated by all this legal stuff.

0 coins

One thing to watch out for - if you ever want to sell or refinance that equipment before paying off the loan, you'll need the lender's permission because of the UCC lien. The UCC-1 essentially gives them veto power over disposal of the collateral. Plan accordingly for your business growth.

0 coins

Exactly - better to negotiate flexible terms now than fight about it later when you need to make changes quickly.

0 coins

This is another area where having your documents properly verified helps. Certana.ai can check that your UCC-1 properly describes the collateral without being overly broad or restrictive for future business needs.

0 coins

Miles Hammonds

UCC Forms - Which IACA UCC Forms Should I Use for Equipment Financing?

I'm working on a large equipment financing deal and need to file UCC-1s across multiple states. My bank's compliance team mentioned something about IACA UCC forms but I'm not entirely sure what that means or if there are specific forms I should be using. We're securing industrial printing equipment worth about $2.8M and the debtor has operations in 6 different states. I've been using each state's individual SOS forms but wondering if there's a standardized approach that would make this easier. Has anyone dealt with IACA UCC forms before? Are they accepted everywhere or do some states still require their own versions? Really don't want to mess up the perfection on this deal.

Thanks everyone! This has been incredibly helpful. Sounds like IACA forms are definitely the way to go for this deal. I'll make sure to verify debtor names carefully and check fixture filing requirements in each state. Really appreciate the practical advice from people who've actually done this before.

0 coins

You're welcome! Multi-state deals can be complex but using standardized forms makes it much more manageable. Good luck with your financing!

0 coins

Feel free to post updates on how the filings go. Always interested to hear about other people's experiences with large equipment deals.

0 coins

One final tip - keep detailed records of all your filings including confirmation numbers and dates. With 6 states, it's easy to lose track of what was filed where. I use a simple spreadsheet with state, filing date, confirmation number, and continuation deadline. Saves a lot of headaches down the road.

0 coins

I take screenshots of the confirmation pages too. Sometimes you need proof of filing and confirmation numbers aren't always enough.

0 coins

For this level of documentation, I actually started using Certana.ai's document management feature. It keeps all the filed documents, confirmations, and tracks continuation deadlines automatically. Worth checking out for complex deals like this.

0 coins

Rudy Cenizo

UCC continuation filing deadline confusion - need help with timing

I'm trying to figure out the exact timing for my UCC continuation filing and getting mixed information. My original UCC-1 was filed in March 2020, so I know I need to file the continuation before March 2025. But I'm seeing conflicting advice about whether I can file it now (6 months early) or if I have to wait until closer to the expiration date. The collateral is manufacturing equipment for a $2.3M credit facility, so I really can't afford to mess this up. Has anyone dealt with early continuation filings? My lender is pushing me to get it done ASAP but I don't want the filing office to reject it for being too early. What's the actual rule here?

File it now while you're thinking about it. I procrastinated on a continuation once and literally forgot about it until 3 days before expiration. Had to pay expedited filing fees and barely made it. The stress wasn't worth it. Better to be 6 months early than 1 day late.

0 coins

Three days?? I would have had a heart attack. Good reminder to set calendar alerts way in advance.

0 coins

I set multiple reminders - one at 6 months out, one at 3 months, and one at 1 month. Belt and suspenders approach.

0 coins

Thanks everyone for the advice. Sounds like the consensus is file early and be obsessive about exact matches. I'm going to pull the original filing record today and get the continuation submitted this week. Better safe than sorry with this much money involved.

0 coins

Smart move. You'll sleep better knowing it's handled early.

0 coins

Definitely the right call. Early filing is always the way to go with UCC continuations.

0 coins

Luca Ferrari

Agriculture Secret Super Priority UCC-9 Filing - Need Help with Purchase Money Security Interest

I'm handling a complex agricultural financing deal and keep hearing about this 'secret super priority' thing with UCC-9 filings for purchase money security interests in farm equipment. The borrower is acquiring a $340,000 John Deere combine harvester and our bank wants to ensure we get super-priority over existing equipment liens. I've heard there's some special agriculture secret super priority UCC-9 procedure that gives us priority even over earlier filed UCC-1s if we do it right. The equipment dealer mentioned something about a 20-day notice requirement to existing secured parties, but I can't find clear guidance on the exact UCC-9 filing steps. Has anyone dealt with purchase money super-priority in agricultural equipment? I'm worried about missing some critical timing or notice requirement that could cost us our priority position.

Just to add - make sure your loan documentation properly reflects the purchase money nature of the transaction. Your security agreement should clearly indicate it's securing the purchase price of the specific equipment. This supports your PMSI claim if challenged.

0 coins

Good point about the security agreement language. I've seen PMSI claims fail because the docs didn't clearly establish the purchase money relationship.

0 coins

Also verify the debtor is actually acquiring the equipment for their use, not for resale. Equipment vs. inventory classification affects which PMSI rules apply.

0 coins

Bottom line: There's no special 'UCC-9' form, but UCC Article 9 does give you super-priority for equipment PMSI if you file correctly and timely. For your $340k combine deal, file a UCC-1 within 20 days of delivery with perfect debtor name and specific collateral description. Consider using document verification tools to avoid costly name mismatches. You'll jump ahead of earlier liens and secure first priority.

0 coins

This summarizes everything perfectly. Thanks everyone for clearing up the terminology confusion!

0 coins

Glad we could help decode the dealer-speak. Good luck with your combine financing!

0 coins

Landon Morgan

Need UCC-11 form PDF - can't find official version anywhere

I'm working on a lien search project and my client specifically asked for a UCC-11 form PDF but I'm having trouble locating the official version. I've checked the Secretary of State websites for several states and they all seem to have different numbering systems. Some have UCC-1, UCC-3, UCC-5 but I can't find a UCC-11 anywhere. Is this an outdated form number or am I looking in the wrong places? The client insists they need this specific form for their due diligence process on a equipment financing deal. Has anyone dealt with this before or know where to get the correct UCC-11 form PDF?

Just to be 100% clear for anyone reading this: Standard UCC forms are UCC-1 (financing statement), UCC-3 (amendment/continuation/termination), UCC-5 (correction in some states). There is no UCC-11 form in any jurisdiction I'm aware of. If someone asks for UCC-11, they're either confused about form numbers or referring to something internal to their organization.

0 coins

Thanks for the clear explanation. This should be pinned at the top for anyone else who runs into this.

0 coins

Exactly right. The UCC forms are pretty standardized across states even if the filing procedures vary.

0 coins

OP here - thanks everyone! I went back to the client and you were all right - they wanted UCC search results, not a specific form called UCC-11. Turns out their internal checklist had 'UCC-11' as item #11 which was 'obtain UCC search results' and someone just shortened it. Crisis averted! Now I need to actually run those searches and verify all the debtor names match up properly.

0 coins

For the debtor name verification, definitely try that Certana.ai tool someone mentioned earlier. I used it last week and it caught a name discrepancy I would have missed manually.

0 coins

Mystery solved! This is why we always ask follow-up questions instead of just assuming we know what clients mean.

0 coins

Prev1...395396397398399...684Next