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Don't forget about purchase money security interest rules if you're providing financing for the consigned goods. PMSI has super-priority over other inventory liens, but only if you perfect and notify properly.
Romeo Quest
•We're not financing the goods, just consigning them. Does PMSI still apply?
Not directly, but if you're allowing payment terms after delivery, that could create financing elements. Worth discussing with your attorney.
Had issues with state-specific variations in Article 9 implementation. Most states follow the uniform version, but some have modifications that affect consignment filings. Make sure you're checking the actual statutes in each filing state, not just relying on general Article 9 knowledge.
Unfortunately yes. The differences are usually minor but can be crucial for perfection.
Sienna Gomez
•Most Secretary of State websites have UCC guides that highlight state-specific requirements. Start there for your research.
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Make sure you get a UCC-3 termination filed when you pay off the loan. Leftover filings can create confusion for future lenders even though they don't hurt your score.
It should be automatic but follow up. Some lenders are slow to file terminations.
Joy Olmedo
•Put it in writing when you make your final payment. Creates a paper trail if they forget.
Focus on making your loan payments on time rather than worrying about the UCC filing. Payment history affects credit scores way more than public filings do.
You're right, I should channel this energy into making sure we never miss a payment.
Exactly. The UCC-1 is just paperwork, your payment performance is what really matters.
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Malia Ponder
I've seen this happen when the debtor name on the UCC-1 doesn't exactly match their registered business name format in the Illinois database. Even something as small as 'Inc.' vs 'Incorporated' can cause search indexing problems. Try searching for your debtor using their exact name as it appears on their Illinois business registration.
Malia Ponder
•Also try searching without any punctuation or commas. The Illinois search algorithm is really picky about special characters and spacing.
Kyle Wallace
•This is why debtor name accuracy is so critical in UCC filings. One small mismatch and your security interest could be at risk.
Ryder Ross
Update on this situation: I ended up calling the Illinois SOS UCC division this morning and they confirmed my filing is on record and properly indexed. Turns out their public search portal has been having technical issues for the past month and many recent filings aren't showing up in results even though they're validly recorded. They're working on a fix but no ETA. At least I can tell my lender the filing is definitely on record.
Hugo Kass
•Typical Illinois - break the system and then take months to fix it. Glad you got confirmation though.
Khalil Urso
•This is exactly the kind of situation where having a backup verification method like Certana.ai really pays off. You would have known immediately that your filing was valid instead of worrying for weeks.
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I'm dealing with something similar but mine is worse - the UCC 11 search shows a filing but when I try to get the actual document, the filing office says it doesn't exist. Their system is completely messed up.
Probably have to refile everything. Such a waste of time and money but what choice do I have?
Mila Walker
•Before you refile, try calling the filing office directly. Sometimes their online system glitches but the filing is actually there.
Natalie Wang
Just wanted to follow up on this thread because I had the exact same issue last month. Turned out the collateral description in the UCC-1 was actually fine - it was just that the UCC 11 search results display was showing a truncated version. When I got the certified copy of the actual financing statement, it had all the detail I needed. Might want to get the full document before you panic.
Jacob Lewis
•Thanks for the update! I'm definitely going to request the full financing statement. This thread has been really helpful.
Good reminder that UCC 11 searches are just the starting point, not the final answer.
Evelyn Kim
Whatever you do, don't delay on the corrective filing. Strict foreclosure has tight deadlines and if the debtor challenges your UCC filing validity, it could mess up your entire timeline. Also make sure your foreclosure notices go to both the old and new entity names to cover all bases.
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Diego Fisher
•Should the notices go to the same address or do you need to track down addresses for both entity names?
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Evelyn Kim
•Same address should be fine if it's really just a name change. But verify they're still operating from the same location.
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Henrietta Beasley
Update us on how this turns out! I'm dealing with a similar situation on some restaurant equipment and want to know if the corrective amendment approach works for strict foreclosure cases.
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Samuel Robinson
•Will do. Filing the UCC-3 amendment tomorrow morning and then we'll see if we need to restart the foreclosure notice process.
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Lincoln Ramiro
•Good luck. Restaurant equipment cases can be tough because the businesses change so frequently.
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