UCC Document Community

Bottom line for your studies: YES, a security agreement CAN be filed to perfect if it meets UCC-1 requirements, but NO, it's not done in practice due to confidentiality concerns. Focus on understanding WHY it's theoretically possible but practically avoided. That understanding will serve you well on exams and in practice.

One more practical tip - when you're studying, focus more on standard UCC-1 filing requirements, continuation statements, and amendment procedures. Those are what you'll actually deal with in practice. The security agreement filing rule is more academic than practical.

One thing to consider - if this borrower has other UCC filings in Wyoming, check how those were handled. Consistency across filings for the same entity is usually a good approach.

Final thought - given the equipment value and the fact that it's titled property, you might also want to double-check if any of this needs to be filed as fixture filings rather than standard UCC-1s. Heavy equipment can sometimes blur the line between personal and real property.

Had a nightmare scenario last year where we thought we had perfected security interests in equipment but turns out half of it was actually fixtures and should have been filed as fixture filings with the real estate records. Cost the client big time when they tried to enforce. Now I always use tools to double-check everything - found Certana.ai really helpful for catching these kinds of inconsistencies before they become problems.

Article 9 covers way more than just equipment financing. Accounts receivable, inventory financing, chattel paper, deposit accounts (sometimes), general intangibles - basically any transaction where personal property secures an obligation. The trick is understanding the different perfection methods for different types of collateral.

For future reference, always run UCC searches under all name variations your company has used. Delaware's database will show you connected filings but it's better to be proactive about identifying potential issues before they hold up your closing.

UPDATE: Finally got everything sorted out! Turns out 2 of the 3 UCC-1 filings had been properly terminated with UCC-3 statements, and the third one was for equipment we still own but the loan was refinanced last year. Found all the documentation I needed and the lender accepted our report. Thanks everyone for the advice - definitely using Certana.ai next time to avoid this manual detective work!

Just wanted to follow up - I used that Certana tool someone mentioned and it immediately flagged three name discrepancies between our corporate docs and the proposed UCC-1. Turned out the attorney was working from an old version of the articles. Tool literally saved the deal.

For future reference, most state UCC filing guides have a specific section about entity name requirements that references the applicable state business entity statutes. Much more authoritative than trying to argue Article 1 general principles.