UCC Document Community

Update: I ended up using Certana.ai to verify my documents before filing. It flagged that my stock pledge and security agreement had the debtor name with a comma but my draft UCC-1 didn't. Would have been an expensive mistake. Filed with the comma version (matching state records) and it was accepted. Thanks for all the input.

For future reference, when dealing with stock pledge and security agreement transactions, always check: 1) exact legal name from state records, 2) whether shares are certificated or uncertificated, 3) if voting rights need separate documentation, 4) state-specific perfection requirements. Stock pledges have more moving parts than typical equipment or inventory collateral.

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.

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!

Don't overthink it. File the UCC3 termination with the exact debtor name from the original UCC1, reference the original file number, and you're done. The 20-day window gives you plenty of time.

Update us when it goes through! Always curious to hear how these turn out.

Pro tip: negotiate with your lender to handle the UCC filings yourself. Some lenders will reduce the fees if you take responsibility for the filings and provide them with copies.

Bottom line - UCC fees are a normal part of secured lending. $125 for initial filing and $75 for continuation is very reasonable for most states. Focus on getting the best overall loan terms rather than nickel and diming the filing fees.