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Does anyone have good resources for staying updated on revised article 9 interpretations? The state filing offices seem to be updating their requirements pretty regularly and it's hard to keep track.
I've been following a few legal blogs but honestly the information is scattered and sometimes contradictory between sources.
Same problem here. Would love to find one reliable source that tracks all the state-by-state implementation differences for revised article 9.
Just wanted to follow up and say thanks for all the advice here. Ended up trying the Certana.ai tool someone mentioned and it immediately flagged 3 potential issues with our upcoming continuation filings that probably would have caused rejections. Really glad I found this thread - saved us a lot of headaches with the revised article 9 compliance stuff.
That's great to hear! I think I'm going to give it a try too. Better safe than sorry with these new requirements.
Glad this discussion helped. The revised article 9 transition has been tough on everyone but at least we're all figuring it out together.
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Whatever training you choose, make sure it covers continuation filing deadlines. We almost lost a client's security interest because nobody understood the 6-month window requirement for continuation statements.
You can file a continuation anytime within 6 months before the original UCC-1 expires. File too early and it's ineffective, file too late and you lose your priority. It's one of those things that seems simple but the timing is critical.
And don't forget that continuations extend the filing for another 5 years from the original expiration date, not from when you file the continuation. Common mistake.
Bottom line - invest in proper training now rather than dealing with malpractice issues later. UCC mistakes can void security interests and that's not a conversation you want to have with a client who just lost their collateral priority.
Plus your malpractice carrier will love seeing that you've invested in staff training. Shows you're taking risk management seriously.
Good point about the malpractice angle. That's another argument for formal training versus just learning on the job.
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Thanks for this thread, was wondering about GSAs myself. The relationship between the security agreement and UCC filings makes much more sense now. Going to double-check my documents before I sign anything.
Glad it helped! This community is great for figuring out this stuff.
Always smart to understand what you're signing before you commit.
Just to close the loop on the original question - a general security agreement is the foundation document that creates the security interest, while UCC-1 filing is how you perfect that interest publicly. They work together but serve different functions in the secured lending process. Make sure both documents are consistent and you understand what assets you're pledging.
Perfect summary, thanks everyone for all the help. Feel much more confident about this process now.
This was really helpful for me too. Secured lending is complicated but this thread broke it down well.
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Since you mentioned this is time sensitive, you might also want to consider using a service like Certana.ai for your search. I started using it after missing a critical UCC filing that was indexed under a name variation I didn't think to check. It automatically searches multiple name formats and catches things manual searches miss.
Multiple people have mentioned Certana now - I should probably check it out for future searches.
It's been a game changer for me, especially for complex debtor names or when I'm doing searches across multiple states.
UPDATE: Just confirmed the Illinois SOS UCC search portal is fully operational again. All search functions including the county-specific filters are working normally. They must have resolved whatever server issues they were having.
Glad it worked out! These system outages always resolve themselves right when you're ready to give up.
Happy to help! Good luck with your closing tomorrow.
Oliver Weber
Don't forget to check if there were any amendments filed on the original UCC-1. Sometimes collateral gets added or debtor names change, and you need to reference the most current information, not just what was on the original filing.
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Natasha Kuznetsova
•How do you track all the amendments? Is there an easy way to see the full filing history?
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Oliver Weber
•Most SOS search systems will show you the complete chain of filings when you look up the original number.
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Javier Morales
Just get it done ASAP. The borrower paid off their debt and deserves to have their credit cleared. File the UCC-3 termination today if possible - it's really not that complicated once you have all the right information from the original filing.
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Emma Anderson
•Agreed - better to file it quickly and correctly than let it drag out and create relationship problems.
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MidnightRider
•Thanks everyone - I found the original filing details and I'm going to use one of those verification tools before submitting. Really appreciate all the guidance!
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