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AstroAdventurer

UCC Filing Rejected Due to All Business Assets Collateral Description

My UCC-1 got kicked back yesterday and I'm honestly confused about what went wrong. I described the collateral as 'all business assets' which seemed reasonable since we're securing a $180K equipment line of credit that covers everything from our machinery to inventory to receivables. The rejection notice said something about 'insufficient collateral description' but isn't that standard language? I've seen other filings use similar wording. The debtor name matches exactly what's on the business registration, filing number is correct, and I double-checked everything else. This is holding up our financing and my client is getting antsy. Has anyone dealt with this specific rejection reason? Is there some magic formula for describing comprehensive collateral that I'm missing?

StarSailor

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For what it's worth, I've had good luck with adding 'now owned or hereafter acquired' to the end of my collateral descriptions. Covers future assets without being too vague about current ones.

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That's a nice touch. Probably important for a line of credit where they'll be buying new equipment.

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Amara Chukwu

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Good addition. Just make sure your security agreement supports after-acquired property clauses.

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Update: refiled with the detailed collateral description and it went through without any issues. Thanks everyone for the help! Definitely learned my lesson about being more specific upfront.

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Mei Liu

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Glad it worked out! These filing requirements are a pain but they make sense once you understand the reasoning.

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NeonNova

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Great outcome. This thread was really helpful for understanding the collateral description requirements.

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Omar Farouk

Search UCC filings - can't find continuation I filed 3 months ago

I'm pulling my hair out trying to search UCC records for a continuation I filed back in October. The original UCC-1 was filed in 2019 for equipment financing on some manufacturing gear, and I filed the UCC-3 continuation in October 2024 to keep it active. But when I search the state database now, I can only find the original filing - the continuation isn't showing up anywhere. I've tried searching by debtor name, filing number, even the secured party info. Nothing. The client is asking for proof that the lien is still perfected and I'm starting to panic. Has anyone else had issues with continuations not appearing in search results? Could there be a lag time or did something go wrong with my filing?

ThunderBolt7

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Before you spend more time searching, I'd definitely verify your documents first. I had a similar panic situation last month and ended up using Certana.ai to compare my UCC-1 and continuation side by side. Found out I had a small typo in the debtor name that I never would have caught just reading through them. The tool highlighted the exact discrepancy and saved me from filing incorrectly again. Really wish I'd known about it sooner!

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ThunderBolt7

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Hope it helps! The document comparison feature is really thorough for catching those tiny mistakes that cause big problems.

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Jamal Edwards

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These verification tools are becoming essential. Too many little details that can trip you up in UCC filings.

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Mei Chen

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Update us when you figure out what happened! I'm dealing with some Nevada filings next month and want to know if there are system issues I should watch out for.

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Omar Farouk

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Will do! Hopefully it's something simple and not a bigger problem with their system.

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Yeah please keep us posted. Nevada's portal has been glitchy lately from what I've heard.

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Anastasia Romanov

UCC Assignment Filing - Original Lender Won't Release Documents

Dealing with a complicated assignment of UCC situation here. We purchased a portfolio of equipment loans from a regional bank that's been acquired twice since the original UCC-1 filings were made in 2019-2021. The problem is we can't get proper assignment documentation from the original secured party because their legal department claims they don't have access to the old filing system records after the second acquisition. We've got about 47 UCC-1 filings that need proper assignment of UCC interests transferred to us as the new secured party, but without the original documents or proper chain of title, we're stuck. Has anyone dealt with assignment of UCC filings when the original lender basically disappeared through M&A activity? The debtors are current on payments but we need to perfect our security interests properly. Some of these are getting close to the 5-year continuation deadline and I'm worried we'll lose perfection entirely if we can't get the assignment of UCC documentation sorted out. Any advice on how to handle assignment of UCC when the trail goes cold?

This whole assignment of UCC mess is why we always require clean documentation as part of any loan purchase now. Too many headaches trying to sort out filing chains after the fact.

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Mei Zhang

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Smart policy. We've learned the hard way that assignment of UCC issues only get worse with time.

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Liam McGuire

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Update us on how this goes! I'm dealing with a smaller assignment of UCC situation and would love to know what approach works best when the original lender is uncooperative.

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Will do. Planning to move forward with the UCC-3 assignments based on the purchase agreement documentation and see what happens.

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Amara Eze

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That's probably your best bet. The assignment of UCC requirements are usually satisfied by proper purchase documentation even without the original lender's cooperation.

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Joshua Wood

UCC lien lawyer recommendations for complex debtor name dispute?

My business got caught in a nightmare scenario where our equipment financing company filed a UCC-1 with my legal business name but our bank loan has a slightly different variation of the entity name. Now I'm trying to refinance and the new lender's attorney is saying there's a potential gap in perfection because the debtor names don't match exactly across the filings. The equipment is worth about $340K so this isn't small potatoes. Has anyone dealt with getting a UCC lien lawyer involved to sort out these kinds of debtor name inconsistencies? I'm not sure if I need someone to file amendments or if there's a bigger legal issue here with the original perfection. The financing company is being difficult about making changes and my regular business attorney doesn't specialize in secured transactions.

Lucas Turner

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Just wanted to add that timing matters here too. If you're in the middle of a refinance, make sure your UCC lawyer understands the deadlines you're working with. Some of these amendment processes can take longer than expected if there are complications with the original lender.

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Joshua Wood

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Good reminder. I should probably get started on this ASAP rather than hoping it resolves itself quickly.

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Lucas Turner

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Exactly. Better to start the process early and have it resolved than try to rush everything at the last minute.

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Kai Rivera

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One more thought - before you spend money on legal fees, you might want to check with your new lender about what exactly would satisfy their concerns. Sometimes they just want documentation that the discrepancy was reviewed by counsel, rather than requiring actual UCC amendments.

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Kai Rivera

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Worth asking the question. Some lenders are satisfied with a legal opinion letter rather than requiring actual filing changes.

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Justin Evans

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True, but if there's genuinely a perfection issue, you'd want to fix it regardless of what this particular lender requires. Better safe than sorry with secured interests.

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Zara Mirza

Need help to register UCC filing - debtor name keeps getting rejected

I'm trying to register UCC filing for our equipment loan but the state keeps rejecting it for debtor name issues. We've submitted the UCC-1 three times now and each time it comes back with "debtor name does not match exactly." The borrower's legal name on their articles of incorporation is "Midwest Manufacturing Solutions, LLC" but I'm not sure if I should include the comma or not. The loan documents sometimes show it with and sometimes without. Has anyone dealt with this exact name formatting issue when trying to register UCC filings? I'm worried we're going to miss our perfection window if this keeps getting bounced back. The collateral is manufacturing equipment worth about $180K so we really can't afford to mess this up.

Mei Chen

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Update us when you get it sorted out! I'm curious to know what the exact issue was with the name formatting.

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Zara Mirza

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Will do! Hoping to get this resolved by end of week.

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Mei Chen

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Fingers crossed. Name issues are so frustrating but usually easy to fix once you know exactly what's wrong.

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Liam Sullivan

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Just remember you need to refile the UCC-1 entirely, not just submit a correction. Some people think they can just send in the corrected name but you need a whole new filing.

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Liam Sullivan

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Yeah, UCC-3 amendments are for changes after acceptance. Rejections require completely new UCC-1 filings.

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Luca Russo

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Exactly right. Don't confuse a rejection with an accepted filing that needs amendment later.

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