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Actually had a client who discovered their equipment lender filed UCC liens on assets they never agreed to secure. Always verify the collateral description matches your loan agreement. If there's any doubt, use a document verification service to cross-check everything.
Zara Rashid
•Good tip. Better to catch problems before signing than after.
Exactly. Prevention is much easier than correction with UCC filings.
I run a small manufacturing business and we have UCC liens on our equipment and inventory. Honestly, once everything is filed correctly, you barely think about it. The only time it comes up is when we need additional financing and have to explain what's already pledged. Normal part of business.
Zara Rashid
•That's what I was hoping to hear. Sounds like once it's set up properly, it's not a daily concern.
Right. Just keep good records and make sure any changes to your business name get reflected in UCC amendments if needed.
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Don't forget about the continuation requirements once you file. UCC-1 filings are only effective for 5 years, so you'll need to file a continuation statement before it lapses if you want to maintain your perfected status.
Mei Liu
•Good reminder. I've seen people go through all this work to get perfected and then let it lapse by forgetting about the continuation deadline.
Yeah, and if it lapses, you lose your priority from the original filing date. You'd have to start over with a new UCC-1.
Amara Chukwu
Just to circle back to your original question - yes, security agreements can be oral, but getting it in writing now is definitely the smart move. It protects everyone involved and makes the UCC filing process much cleaner. Take your time with the debtor name verification - that's where most filing problems occur.
Freya Larsen
•Thanks everyone for all the guidance. I feel much more confident about moving forward with this now. Going to start with getting the exact legal name documentation and then work through the rest systematically.
Smart approach. Better to take a little extra time upfront than to deal with rejected filings or priority problems later.
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Document everything - every phone call, every letter, every attempt to contact the secured party. If you end up in court or need to file a complaint with banking regulators, you'll need a paper trail showing you made good faith efforts to resolve this properly.
Certified mail is your friend here. Send formal demands for termination via certified mail to every address you can find associated with the secured party or their successors.
Paolo Longo
•And keep copies of returned mail if addresses are invalid. That's evidence of their failure to maintain proper contact information as required.
Amina Bah
UPDATE: Thanks everyone for the advice. I found a UCC-3 assignment from 2022 that I had missed - turns out the lien was transferred to a subsidiary of the bank that bought the original lender. Finally got through to the right people and have a termination in process. Sometimes you just need to dig deeper into the filing records.
Glad you got it sorted out! This is exactly the kind of thing that document verification tools are designed to catch - all those related filings that are easy to miss in manual searches.
Liam McGuire
•Perfect example of why keeping detailed records and being persistent pays off. Hope your refinancing goes smoothly now.
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Fiona Sand
Are you working with a service company for this UCC assignment or filing directly? Sometimes they catch these debtor name issues before submission.
We usually file directly through the state portal. Maybe we should consider using a service for complex accounts receivable assignments.
Services can help but they're not foolproof either. I've had them miss things too.
The key thing with accounts receivable UCC assignments is getting that debtor name exactly right from the start. I learned this the hard way on a $2M credit facility last year. Now I triple-check everything before any accounts receivable filing goes out.
Triple-checking is right. These UCC assignment errors can kill deals.
Especially with accounts receivable as collateral - there's usually time pressure from the borrower.
Paolo Ricci
Try searching the Missouri business database with partial names. Sometimes there are hidden characters or formatting that only shows up in their search results.
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Zoe Papanikolaou
•Good suggestion - I'll do a broader search to see if there are any variations I'm missing.
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Amina Toure
•Yeah their search function sometimes reveals the 'true' name format that their UCC system expects.
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Oliver Zimmermann
Update - I tried the version without the comma and it went through! Thanks everyone. Still think it's ridiculous that punctuation matters but at least the filing is accepted now. Going to run it through Certana.ai next time to catch these formatting issues upfront.
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Natasha Volkova
•Nice work! Always feels good to finally get that acceptance confirmation after dealing with rejections.
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Javier Torres
•Smart move on using the document checker going forward. These little formatting issues can be such time wasters.
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