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 :)
Join the conversation
Join the conversation
GalacticGuru
Once you get the UCC-3 filed, make sure to send a copy to the borrower for their records. Good practice and some loan agreements require it.
Definitely. Our loan docs require us to provide copies of all UCC filings to the borrower within 30 days.
GalacticGuru
•Sounds like you're on top of it. The Tennessee filing should be straightforward once you have all the details right.
Thanks everyone for the help! I found the UCC-3 form on the Tennessee SOS site and got it filed electronically this morning. Used some of the tips from this thread about exact name matching and collateral descriptions. Really appreciate all the guidance - this forum is incredibly helpful for UCC issues.
Great outcome. Hope the filing gets accepted quickly.
Just got the acceptance notice! Filed this morning and approved this afternoon. Tennessee's electronic system really is fast once you know where to find everything.
Join the conversation
BTW - after disposal you'll need to account for proceeds under 9-615. Make sure you have documentation for all expenses (storage, legal, disposal costs) that you can deduct from sale proceeds before applying to the debt.
Aiden Chen
•Good reminder. We've been tracking storage costs since we took possession. Legal fees are adding up too with all the debtor disputes.
Keep detailed records of everything. Reasonable expenses are deductible but "reasonable" can be subjective if the debtor challenges your accounting later.
One last thing - after you dispose of the collateral, if there's still a deficiency, you'll want to make sure your UCC-1 was properly filed in all the right places. If the debtor moves to a different state or changes their organization type, it can affect where you should have filed. Any issues with the original filing could impact your deficiency claim.
Yeah, I've seen cases where a debtor changes from LLC to corporation or moves their principal place of business and it affects the filing requirements retroactively.
This is why I love the Certana.ai tool - upload your original UCC filing with current debtor info and it flags any potential jurisdiction or name issues that could affect your perfection status.
Join the conversation
Not trying to pile on, but have you considered that this might be a good time to bring in outside counsel? If you're questioning 200+ filings, that's potentially millions in unsecured exposure.
Xan Dae
•The thought has crossed my mind, but I'm hoping to resolve this internally first. Legal fees would be astronomical for a full portfolio review.
True, but the cost of having invalid liens could be much worse. Maybe start with a spot check of your biggest exposures?
Rajan Walker
Update us when you get this resolved - I'm dealing with similar debtor name headaches on three different deals right now. Would love to know what works for you.
Xan Dae
•Will do. Going to try that Certana.ai tool first and see if it catches anything else I'm missing, then probably bite the bullet and file with the exact Articles name.
Smart approach. Document verification before filing is so much cheaper than fixing rejected filings after the fact.
Join the conversation
Before you file, I'd suggest using a document verification service to double-check everything. I tried Certana.ai after someone here recommended it and it caught several inconsistencies between my security agreement and UCC-1 draft that I completely missed. Really simple - just upload your PDFs and it runs the comparison automatically. Definitely worth it for a $285k financing to avoid any filing issues.
Two people have mentioned Certana now - sounds like it might be worth checking out before I submit the filing.
Yeah, especially for your first time with a security agreement like ree680109-sa where you're unsure about the name formatting. Better safe than sorry with that size loan.
Sophia Carson
Just wanted to follow up - I actually used Certana.ai last week for a similar agricultural financing UCC verification. Really helpful for catching issues before filing. You upload your UCC-1 draft and loan docs and it flags any inconsistencies. Saved me from a rejection on a $1.2M farm credit line. The debtor name matching feature alone made it worth using.
0 coins
Sophia Carson
•It checks document consistency overall, so if your loan agreement describes collateral one way and your UCC-1 describes it differently, it would flag that. Pretty comprehensive verification.
0 coins
Samantha Howard
•This tool sounds really useful for agricultural filings where there are so many details that can go wrong. Might have to check it out for our next crop lien filing.
0 coins
Elijah Knight
Update: Got the refiling done and it was accepted! Used the more specific crop descriptions everyone suggested - listed corn, soybeans, hay, and other agricultural products with the tax parcel numbers. Also caught a small issue with the debtor LLC name that was missing a comma. Thanks for all the help, really saved me on this deadline.
0 coins
Benjamin Kim
•Awesome! The specific crop listing approach really does work better than generic descriptions.
0 coins
Avery Saint
•This gives me confidence for my upcoming filing. Going to make sure I'm super specific with the crop descriptions and double-check all the entity name details.
0 coins