UCC Document Community

That's solid advice. I'd add that you should reference the master agreement date if there is one - helps tie everything together when you're doing lien searches later.

UCC definition of equipment causing collateral description problems on filing

Having major issues with our UCC-1 filing getting rejected because apparently our collateral description doesn't match what the SOS considers proper equipment classification. We're trying to secure a $180k equipment loan for manufacturing machinery (CNC mills, lathes, industrial printers) but the filing keeps coming back with notes about improper equipment categorization. Our attorney drafted it as 'all equipment now owned or hereafter acquired' but the state is saying we need more specificity about what constitutes equipment vs inventory vs fixtures. The machinery is bolted down but moveable - some pieces are 8000+ lbs. Anyone dealt with this equipment definition nightmare? We're on a tight timeline and can't afford more rejections.

UCC financing statement effectiveness period ending - continuation filing confusion

I'm dealing with a UCC financing statement effectiveness issue and getting conflicting information from different sources. We have a UCC-1 that was filed in 2020, so it's coming up on its 5-year effectiveness period next year. Our legal team is saying we need to file a UCC-3 continuation statement within 6 months before expiration, but I'm seeing some references that say it can be filed anytime during the effectiveness period. The original financing statement secures a revolving credit facility that's still active with outstanding draws. What's the actual rule on timing for continuation filings? I don't want to file too early and have it rejected, but I also can't afford to let the UCC lapse because that would trigger a technical default under our loan agreement. Has anyone dealt with this timing issue before? The debtor name on the original filing matches exactly what's on the current corporate records, so that shouldn't be a problem. Just need clarity on when exactly I can file the continuation to maintain the UCC financing statement effectiveness.

UCC filing issues with promissory note and security agreement template - debtor name mismatch

Been wrestling with a UCC-1 filing that keeps getting rejected by our state SOS office. Using what I thought was a solid promissory note and security agreement template for equipment financing, but there's some disconnect between how the debtor name appears on the promissory note versus the security agreement. The promissory note has the company listed as 'ABC Manufacturing LLC' but the security agreement shows 'ABC Manufacturing, LLC' with the comma. Now my UCC-1 filing got bounced back twice because the debtor name doesn't exactly match across documents. This is for a $180K equipment loan and we're hitting deadline pressure. Anyone dealt with similar name inconsistencies between their template documents? Need to get this continuation filed properly before the original UCC-1 expires next month.

UCC-1 Application Rejected Three Times - Same Debtor Name Issue

I'm losing my mind here. Filed a UCC-1 application for our equipment financing deal and it's been rejected THREE times by the Secretary of State office. Each time they say "debtor name doesn't match exactly" but I'm copying it straight from the LLC's articles of incorporation. The debtor is "Midwest Industrial Solutions LLC" according to their charter documents, but somehow my UCC-1 application keeps getting kicked back. I've tried variations like "Midwest Industrial Solutions, LLC" (with comma) and "MIDWEST INDUSTRIAL SOLUTIONS LLC" (all caps) but nothing works. This is a $2.8M equipment loan and we're already past our internal deadline for perfection. Has anyone dealt with this specific name-matching nightmare? What am I missing about the UCC-1 application process?