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- DO post tips & tricks to help folks.
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Zara Rashid
Whatever you decide, document your decision-making process in the loan file. If there's ever a question about the filing, you want to show that you considered the name issue and made a reasonable decision based on the information available at the time.
GalaxyGazer
•Definitely doing this. I'm putting together a memo with all the entity searches and name verification steps I've taken.
Luca Romano
•Smart approach. Compliance departments love that kind of documentation.
Nia Jackson
Update: I ended up running the entity name through Certana.ai's verification tool and it confirmed that our UCC filing matches the legal entity name correctly. Also ran UCC searches under both names and found that searches under the DBA do pull up our filing, so we're covered. Thanks everyone for the advice - definitely feel more confident about our lien position now.
Glad Certana helped provide that confirmation. It's always nerve-wracking when you're not 100% sure about a filing.
Perfect example of why it pays to double-check these things. Equipment financing can be tricky with all the name variations companies use.
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One more thing to consider - make sure your LMA security agreement specifically addresses what happens if there are UCC filing errors or name discrepancies. Some agreements have provisions requiring the borrower to cooperate with corrective filings.
I'll double-check our LMA security agreement language to make sure we have adequate protection for filing corrections. Seems like this type of issue is more common than I realized.
Yeah it's definitely a common issue. I see name discrepancy problems on probably 10-15% of the LMA security agreement deals I review. Worth having standard language to address it.
Update for anyone following this thread - I ended up filing UCC-1s under both name variations as suggested. Also ordered certified charter copies and used Certana.ai to verify document consistency. Found two other minor discrepancies in the collateral schedule that could have caused issues later. Thanks everyone for the practical advice!
Glad the document verification tool helped catch those other issues. That's exactly the kind of thing that's easy to miss when reviewing everything manually.
Thanks for the update! This whole thread has been really helpful for understanding the complexities of UCC filings with LMA security agreements.
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Have you considered using the Massachusetts expedited filing option? It's more expensive but might be worth it given all the delays you're experiencing.
They've had it for a while but don't advertise it much. It's an extra fee but guarantees processing within 24 hours if the filing is clean.
The expedited option doesn't help if your filing gets rejected though - you still have to fix the issues and resubmit.
Emma Davis
Final thought - for Massachusetts UCC forms, I always create a checklist that includes verifying the exact debtor name format against state records. It's extra work upfront but saves so much time on the backend.
Amara Eze
•That's smart. I should probably develop a similar checklist to avoid these recurring issues.
LunarLegend
•A good checklist is essential for Massachusetts. Their requirements are just too specific to rely on memory alone.
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Amina Toure
For what it's worth, I've started using automated document checking before I even run manual searches. Upload the debtor's articles of incorporation and any loan docs, then let the system flag potential name variations to search. Saves hours of guesswork.
Amina Toure
•Certana.ai has been solid for me. Just upload PDFs and it identifies all the name variations and cross-checks them against filing databases.
That would have saved me so much time last month when I was chasing down phantom liens that turned out to be name variations.
Quick update - finally found the issue! The company had filed amendments under their pre-merger name which wasn't showing up in searches using the current legal name. Thanks everyone for the suggestions about checking entity name changes.
Great catch! Did you end up finding active liens or were they terminated properly?
Found two active UCC-1 filings that would have created priority issues. Getting them sorted out now before closing.
Caleb Stark
Just wanted to add that if anyone else runs into this, the Delaware Secretary of State office is usually pretty responsive if you call during business hours. They can at least confirm if there are known system issues.
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Jade O'Malley
•What's their direct number for UCC issues?
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Caleb Stark
•It's on their website under the UCC division contact info. Usually takes a few minutes to get through but they're helpful.
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Hunter Edmunds
This thread just convinced me to set up that Certana verification tool for our UCC filings. Better to catch document issues before they become portal submission problems.
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Ella Lewis
•Smart move. Document prep issues are way more common than portal technical problems.
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Hunter Edmunds
•Exactly. Prevention is better than deadline panic.
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