UCC Document Community

One thing to watch for is whether they properly identified all the collateral in the original UCC-1. I've seen cases where equipment was listed generically and there were questions about what was actually covered. Document verification can catch these issues - recently used a service that cross-checks loan documents against UCC filings to make sure everything matches up properly.

Bottom line - document everything, get legal help, and don't assume the lender followed all the rules correctly. There might be procedural defenses available that could delay or reduce your exposure. The UCC foreclosure process has a lot of required steps and lenders sometimes cut corners.

Just to circle back on the document verification thing - I was skeptical about using automated tools for something this important, but I tried that Certana system mentioned earlier and it really did catch issues I would have missed. For a $340k loan, the peace of mind is worth it. You upload your loan agreement and draft UCC-1 and it verifies the debtor names match exactly.

Final update - I went with 'Michael Robert Thompson' as the debtor name and included full VIN numbers in the collateral description. The filing was accepted without any issues. Thanks everyone for the guidance! The name consistency was definitely the key factor.

Update: Found the issue! Pulled the official business registration and the correct name is 'ABC Manufacturing LLC' without the comma. The security agreement template I was using had the comma added incorrectly. Fixed the template, updated the UCC-1, and got it accepted on the third try. Thanks everyone for the guidance on checking the state business records first.

This thread is super helpful. I'm bookmarking it because I know I'll run into similar template issues. The key takeaway seems to be always verify the official business name first, then make sure all your documents match exactly. Simple in theory but easy to mess up in practice.

Update us on how it goes! These name verification situations always make me nervous but sounds like you're being thorough with your approach.

One last thing - make sure you're checking the debtor name formatting requirements for your specific state. Some states have quirky rules about punctuation, abbreviations, or character limits that aren't obvious until you get a rejection.

OP, have you calculated the deficiency using the 'proceeds rule' or are you using actual sale proceeds? Depending on your state and the circumstances of the sale, you might need to use the proceeds that would have been obtained in a commercially reasonable sale rather than what you actually got.

Update us when you send the notice! I'm dealing with a similar situation and curious how it goes. These 9-624 notices are nerve-wracking because there's so much riding on getting them right.