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Rajiv Kumar
honestly this stuff is why I don't miss working in commercial lending. too many moving parts and the consequences of missing something are huge. good luck with your audit
Thanks. It's definitely stressful but we'll get through it. Just need to establish better processes going forward.
Update us when you get through the audit! I'm dealing with a similar situation on a smaller scale and would love to hear what approach worked best for the comprehensive filing list compilation.
Will do. So far the automated document checking is helping a lot with the cross-state consistency issues. Manual verification was just taking too long.
That's encouraging. The time savings alone would justify using a tool like that for multi-state UCC portfolio management.
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For lending decisions, are you also checking federal tax liens and other encumbrances beyond just UCC filings? Sometimes the complete picture requires multiple searches.
Definitely. UCC filings are just one piece of the collateral picture. Federal and state tax liens can take priority over UCC-1 filings in some cases.
Kylo Ren
•This is why automated tools that check multiple databases simultaneously are so helpful. Manual searching across different systems is time-consuming and error-prone.
Update: Tried some of the suggestions here and found several filings I missed in my initial searches. The name variation issue was definitely part of the problem. Thanks for the help everyone.
This is exactly why I switched to automated verification tools. Too much risk of missing something important in manual searches.
Definitely going to look into more reliable search methods after this experience. Can't afford to miss liens in our underwriting process.
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For what it's worth, I had a case where we waited too long to amend the UCC filings and it complicated the deficiency judgment proceedings. Judge questioned why we still had liens on satisfied collateral. Better to be proactive.
About 90 days. Judge thought it looked like we were trying to maintain improper leverage over satisfied assets. Caused unnecessary hearings and delays.
Mei Liu
•90 days is definitely too long. Most judges expect UCC clean-up within 30-45 days max after asset disposition in judicial foreclosure context.
Bottom line - file your UCC-3 amendments promptly for satisfied collateral, keep detailed records of what was released when, and maintain your perfected status on remaining assets. Don't overthink it but don't procrastinate either.
Thanks everyone. Sounds like the consensus is to proceed with UCC-3 amendments for the satisfied real property portion within the next couple weeks. I'll coordinate with bank counsel and make sure all the debtor names match exactly.
Amara Nwosu
•Good plan. And definitely use some kind of verification tool if you have access to one. These multi-filing situations are where small mistakes can cause big problems.
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Cynthia Love
Wisconsin aside, make sure you're also checking the entity's previous names if they've had any amendments to their articles of incorporation. Sometimes old UCC filings are still indexed under previous legal names.
TommyKapitz
•Great point - I'll check the corporate records for any name changes. This acquisition involves entities that have been around for 15+ years so there could definitely be historical name variations.
Cynthia Love
•Exactly. And don't forget to check for any DBA names they might have used for filing purposes.
Just wanted to follow up on this thread since I was having similar issues. Tried the Certana tool mentioned earlier and it definitely caught some inconsistencies I was missing in my manual searches. Worth the time investment if you're doing multiple entity searches.
TommyKapitz
•Thanks for the update! I'm planning to try it out this week. Did it help specifically with the Wisconsin search problems or just general document verification?
Both really. It helped me identify all the name variations I needed to search for, and then flagged discrepancies between what I found and what should have been there based on the other documents I uploaded.
Paolo Romano
The punctuation thing is annoying but not usually a deal-breaker. What you should really be concerned about is making sure the debtor's legal name matches their current corporate status. LLC names can change slightly when they file amendments with the Secretary of State, and that's where you can run into real perfection issues.
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Amina Diop
•Good point. Always worth running a corporate status check to make sure the entity name hasn't changed since you filed the UCC.
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Oliver Schmidt
•This is why I always check the Secretary of State's business entity database before filing any UCC. Make sure I'm using the exact current legal name.
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Natasha Volkov
Update us on what the SOS office tells you when you call. I'm curious whether this is a known issue with their system or if there's something else going on with your specific filing.
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Javier Torres
•Thanks, this would be helpful for others who run into the same issue.
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Emma Wilson
•Yeah, these kinds of posts are really valuable when you're trying to figure out if something is normal or a red flag.
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