UCC Document Community
Financial Services
/
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 :)
UCC termination recording fee way higher than expected - normal?
Just got hit with a $85 UCC termination recording fee from our state's SOS office and I'm wondering if this is standard? We paid off our equipment loan early and the lender filed the UCC-3 termination last week. I was expecting maybe $20-30 like most other states but $85 seems excessive. The original UCC-1 filing only cost us $15 three years ago. Is this normal pricing for termination statements or should I be questioning this charge? The termination shows up correctly in the database so the filing went through, just shocked at the cost difference.
Join the conversation
UCC filing for stock pledge and security agreement - debtor name issues
Need some guidance here. We're handling a commercial loan secured by a stock pledge and security agreement, and I'm running into issues with the UCC-1 filing. The borrowing entity is "TechVenture Holdings, LLC" but the stock certificates are issued to "TechVenture Holdings LLC" (no comma). Our lender is requiring perfection through UCC filing since these are shares in a closely-held corporation, not publicly traded. The debtor name discrepancy is small but I've seen filings get rejected for less. Should I file under the exact name on the stock certificates or match the borrower's legal name from their articles of organization? Also dealing with collateral description - is "all shares of stock in XYZ Corporation" sufficient or do we need certificate numbers? This is a $2.8M facility so getting it right is critical.
Join the conversation
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.
How long did the verification take? I have a similar stock pledge deal that needs filing this week.
The Certana.ai check was instant - just upload your PDFs and it shows the discrepancies immediately. Definitely worth it for complex deals like stock pledges.
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.
This is a great checklist. I'm going to save this for our next stock pledge deal. The voting rights aspect is something I hadn't considered.
Also worth checking if the corporation has any transfer restrictions in their bylaws that could affect the security interest.
UCC1 termination process - deadline approaching fast
Running into a wall here with terminating a UCC1 that's been satisfied. The original loan was paid off three weeks ago but I'm getting conflicting info about whether I file a UCC3 termination or if the secured party has to do it. The debtor is pushing hard for this to get cleared from their credit file ASAP and honestly I'm not 100% sure on the timeline requirements. Original filing was in 2019 for equipment financing, debtor name matches exactly on all docs, but I keep seeing different state requirements online. Anyone dealt with this recently? I'm worried about missing some critical deadline that could mess up the debtor's ability to get new financing next month.
Join the conversation
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.
Thanks everyone! This has been really helpful. Going to file the UCC3 termination tomorrow morning.
Good luck! Should be straightforward now that you know what to do.
New York UCC-1 filing fee increase caught me off guard - need current pricing
Been handling commercial loan paperwork for years but just got blindsided by the New York UCC-1 filing fee when I went to submit our latest security agreement. Last time I filed in NY was maybe 18 months ago and I swear the fee was different. Now I'm second-guessing everything - did they raise it recently? Are there different tiers based on collateral type or debtor count? I've got three more filings to do this week and need to update our client billing accordingly. The online portal showed one amount but I want to make sure I'm not missing any additional fees that might pop up during processing. Anyone else dealing with NY filings lately who can confirm what they're actually charging now?
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.
Perfect, that matches what I'm seeing in the portal. Thanks for the confirmation - I can update our billing structure accordingly.
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.
UCC-3 assignment filing rejected - what went wrong with debtor name transfer?
Got my UCC-3 assignment kicked back from the SOS office yesterday and I'm completely lost. We're trying to transfer a secured interest from our original lender to a new servicer, but the filing keeps getting rejected. The debtor name on our UCC-1 from 2022 shows 'ABC Manufacturing LLC' but the assignment shows 'ABC Manufacturing, LLC' - notice the comma difference. Is this really enough to cause a rejection? The secured party is changing from First National Bank to Regional Credit Services. I thought assignments were supposed to be straightforward but this is turning into a nightmare. The loan is for $450,000 in equipment financing and we can't complete the transfer without getting this sorted. Has anyone dealt with punctuation issues in debtor names on UCC-3 assignments? The original UCC-1 filing number is 2022-0547821 if that matters.
Join the conversation
Update us when you get it sorted! I'm curious whether the comma issue was really the only problem or if there were other hidden issues. These UCC-3 assignments can be tricky even when you think you have everything right.
Will do! I'm going to try the Certana.ai verification tool first, then refile with the exact debtor name formatting. Hopefully that does the trick.
Good plan. The verification tool should catch any other issues before you submit the corrected assignment.
For future reference, some states have better UCC search tools than others. If you can search by the filing number beforehand, you can see exactly how the debtor name appears in their system. Might save you from these kinds of rejections.
Most states do allow you to search by filing number and see the basic details. It's usually worth the small search fee to verify information before filing.
Some states even let you download copies of the original filings which is super helpful for exactly this situation.
Lucas Turner
I actually discovered Certana.ai's document checker after a termination filing disaster last year. Had a debtor name mismatch between our UCC-1 and UCC-3 that we didn't catch until months later during a refinancing. Now I run all our termination docs through their system before filing - catches those kinds of errors that state systems miss.
0 coins
Lucas Turner
Had to file a corrective UCC-3 amendment, which cost another $45 plus legal time to research the proper procedures. Much easier to catch errors upfront with automated verification.
0 coins
Victoria Scott
Name mismatches are so common and costly to fix. Automated verification definitely seems worth it for high-volume filers.
0 coins
Kai Rivera
honestly $85 doesnt seem that bad compared to what attorneys charge for lien releases. at least you know its properly terminated and filed with the state
0 coins
Sophia Clark
AuthorTrue, attorney fees would definitely be higher. I suppose $85 is reasonable for the peace of mind.
0 coins
Kai Rivera
yeah and you avoid any future complications with unterminated liens showing up on credit reports or title searches
0 coins