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One more tip - if you find existing liens, make sure you understand the lien priority before advising your client. NJ follows the standard first-to-file rule but there can be exceptions for PMSI and other specialized security interests.
This is crucial advice. I've seen junior lenders get surprised by purchase money security interests that they didn't properly analyze.
Exactly. The UCC search gives you the basic info but you need to actually read the financing statements to understand what you're dealing with.
Quick question - are you familiar with NJ's continuation requirements? If you find liens that are close to their 5-year expiration, it might affect the timing of your transaction.
Good point - I'll need to check the filing dates on any existing liens to see if there are continuation issues brewing.
Yeah, nothing worse than having a supposedly secured position become unperfected right before or after closing because someone missed a continuation deadline.
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Amina Diallo
If you do a lot of these, it might be worth creating a template letter that you can customize for each situation. Saves time and ensures consistency in your language.
Templates are definitely the way to go. Just make sure you update the borrower name, collateral description, and dates each time. Easy to miss those details when you're rushing.
I learned that lesson the hard way when I sent a letter with the wrong borrower name. Had to send a corrected version and looked pretty unprofessional.
Bottom line - sending the letter is good customer service even if not strictly required. Takes minimal effort and keeps your borrower relationship positive after the loan payoff.
Agree completely. These borrowers might come back for future financing or refer other customers. Worth maintaining goodwill.
Emma Wilson
•Plus it shows you're thorough and professional in handling the loan closeout process. Attention to those details matters.
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Check if the LLC has any amendments to its certificate of formation that might have changed the name format. Delaware sometimes updates their records differently than what shows in the original articles.
Delaware corporate records can be tricky that way. Always worth checking the full filing history.
Juan Moreno
•This is why I always pull a complete corporate status report before filing UCCs. Covers all the amendments and current status.
Amy Fleming
UPDATE: Finally got it through! Turns out there was an invisible character in the name field that I was copying and pasting from the PDF. Had to retype the entire name manually and it went through on the first try. Thanks everyone for the suggestions!
Serene Snow
•Congrats on getting it sorted! Those invisible character issues are exactly what document verification tools catch automatically, but glad manual retyping worked for you.
Monique Byrd
•Thanks everyone! Definitely learned my lesson about copy-pasting from PDFs. Will be more careful going forward.
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I deal with PA UCC filings regularly and their search function is inconsistent at best. Sometimes I find filings by searching the secured party name instead of the debtor name. Also try searching with different date ranges - sometimes that helps narrow things down.
Yeah, sometimes that's the only way to find problem filings. Their database indexing isn't perfect.
I've had luck searching by filing date ranges too. Sometimes the exact date search doesn't work but a range will pull up the filing.
Levi Parker
Update us when you figure this out! I'm curious to know what the issue was. These database problems are becoming way too common with state UCC systems.
Levi Parker
•Good plan. Hopefully it's just a simple database glitch and not something more serious.
Libby Hassan
•Keep us posted! This stuff makes me nervous about my own filings now.
Yuki Nakamura
Question about timing - how long did it take for your termination to show up in the public records after filing? I'm dealing with a similar equipment sale situation.
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StarSurfer
•Some states are faster than others. Usually same business day if you file in the morning.
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Carmen Reyes
•Make sure to print the confirmation page right after filing. That's proof the termination went through even if it doesn't show up in searches yet.
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Andre Moreau
I actually tried that Certana tool mentioned earlier and it's pretty slick. Uploaded my old UCC-1 and the amendment I was working on, and it immediately flagged that I had the wrong entity type suffix. Saved me from another rejection.
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Zoe Christodoulou
•Good to know it actually works. Might be worth the hassle if it prevents multiple rejections.
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Jamal Thompson
•Yeah anything that catches these tiny errors before you submit is valuable. Time is money when you're trying to close deals.
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