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
Mei Wong
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.
Mei Wong
•Exactly. If there are other active UCC-1s using the Delaware name, you're probably fine sticking with that.
Just ran into this same issue with a Montana entity. Found two other lenders had used the formation state name, so I went with that 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.
Mobile equipment is typically fine with standard UCC-1 filings. It's only when it becomes a fixture that you need special handling.
Right, but worth double-checking since fixture filing requirements vary by state and can affect where you file.
Join the conversation
Dylan Cooper
Just dealt with this exact issue last week. Used Certana.ai to cross-check my security agreement against the UCC-1 language and it caught that I was referencing sections that didn't actually contain collateral descriptions. Saved me from another rejection. The tool is pretty straightforward - just upload both documents and it flags inconsistencies.
Sofia Perez
•That sounds really useful. I'm always worried about missing something between the agreement and the filing.
I should probably try that tool. I've had too many rejections this year already.
Update - tried the suggestion about including the collateral categories before referencing the sections and it worked! Filed the amendment yesterday and it was accepted this morning. Thanks everyone for the help. Final language was "Equipment, inventory, and accounts receivable as more particularly described in Sections 4.2, 4.3, and 4.4 respectively of Security Agreement dated March 15, 2024.
Luca Ferrari
•Great to hear a success story. That language should work for most states going forward.
Perfect example of why this forum is so helpful. Real solutions that actually work.
Join the conversation
Just to confirm - current NY UCC-1 fees are $20 for single debtor, $5 for each additional debtor on the same filing. Expedited processing adds $15 to the base fee. Amendment fees are the same as initial filing fees. Those are the numbers I've been using successfully for the past six months.
Luca Russo
•Perfect, that matches what I'm seeing in the portal. Thanks for the confirmation - I can update our billing structure accordingly.
Dylan Cooper
•Those numbers are spot on. I do a lot of NY filings and that's exactly what I budget for clients.
One last tip - if you're doing multiple filings for the same client, consider whether you can combine debtors on fewer forms to save on the $20 base fees. Sometimes it makes sense to pay the $5 additional debtor fee instead of separate $20 base fees.
Makes sense. Individual transactions definitely need separate filings for proper lien perfection.
Yeah, you can't combine unrelated collateral on one UCC-1 just to save filing fees. Each loan needs its own perfected security interest.
Join the conversation
The Uniform Commercial Code (UCC) provides the legal framework, but remember that UCC filings are handled at the state level - usually through the Secretary of State office. Your attorney will file the UCC-1 in the state where your company is organized, not necessarily where the equipment is located.
For equipment, yes - Delaware filing covers personal property collateral. If it were real estate fixtures, you might need additional filings, but standard equipment financing uses the state of organization.
Dylan Wright
•This is another area where verification tools help - they can flag jurisdiction issues and ensure you're filing in the right state with the right forms.
NebulaKnight
Thanks everyone - this really clarifies what UCC stands for and why it's crucial for our secured lending. The Uniform Commercial Code framework makes sense now, and I feel much more confident discussing the UCC-1 filing requirements with our legal team. Appreciate all the practical insights about continuation statements and verification best practices too.
Glad we could help! UCC filings seem intimidating at first but they're really just a standardized way to protect lender interests. Good luck with your equipment financing.
Sean O'Brien
•Feel free to post again if you run into any specific issues during the filing process. This community is pretty good about troubleshooting UCC problems.
Oliver Weber
Quick update for everyone - I ran the corporate search and the official registered name is 'ABC Manufacturing, LLC' (with comma). So the UCC filing name 'ABC Manufacturing LLC' is technically incorrect. Now I need to figure out if this creates a priority issue for our new filing.
0 coins
Oliver Weber
•The existing filing isn't ours - it's from the previous lender. We're just trying to figure out if it affects our new filing's priority.
0 coins
Connor O'Neill
•In that case, you should be fine as long as YOUR filing uses the correct registered name. The other lender's name issue is their problem, not yours.
0 coins
FireflyDreams
This thread is super helpful - I'm bookmarking it. We deal with Florida UCC filings all the time and debtor name accuracy is always a concern. Thanks for sharing your research process!
0 coins
Sofia Gomez
•Glad it's useful! Definitely learned a lot from everyone's input here.
0 coins
FireflyDreams
•Yeah, the collective knowledge on this forum is amazing. Saves so much time compared to trying to figure this stuff out alone.
0 coins