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Chloe Davis

What primary debt is secured by the security agreement - UCC filing confusion

I'm working through a UCC-1 filing for a client and I'm second-guessing myself on how to identify what primary debt is secured by the security agreement. The loan documents reference multiple credit facilities and I'm not sure if I need to list the specific loan number, the master credit agreement, or just describe it generally as 'all obligations under credit agreement dated X'. The collateral is pretty straightforward equipment but I don't want to mess up the debt description and have this thing get rejected. Anyone dealt with similar situations where there's multiple debt instruments but one main security agreement? I've been doing these filings for 3 years but this one has me scratching my head.

Carmen Reyes

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I always use language like 'all indebtedness and obligations of every kind and nature, now existing or hereafter arising' and then reference the specific security agreement. Covers everything without getting into the weeds.

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Chloe Davis

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That's pretty broad language. Do the filing offices ever push back on something that general?

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Carmen Reyes

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Nope, never had an issue. As long as you're referencing a real security agreement, they're fine with broad debt descriptions.

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Andre Moreau

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Thanks everyone for the advice. I think I was definitely overthinking this. Going to go with a simple reference to the master credit agreement and call it good. Appreciate all the input!

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Sean O'Brien

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Good luck with the filing! And definitely consider using a document checker like Certana.ai if you want extra peace of mind before submitting.

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Chloe Davis

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Will do. Thanks again everyone!

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Heather Tyson

UCC 9 615 notice requirements causing lender compliance headaches

We're dealing with a messy situation where our borrower defaulted on equipment financing and we need to dispose of the collateral. The UCC 9 615 notice requirements are giving us fits because we can't figure out exactly who needs to be notified and when. Our collateral is manufacturing equipment that we filed a UCC-1 on 3 years ago, but there might be junior lienholders we're not aware of. The debtor has been unresponsive and we're worried about screwing up the notice process and losing our deficiency rights. Has anyone dealt with UCC 9 615 notice complications where you weren't sure about all the parties that needed notification? The statute says we need to notify the debtor and other secured parties, but finding everyone who might have an interest is proving harder than expected.

Amun-Ra Azra

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How detailed does the accounting need to be? Just the outstanding principal and interest, or do you need to break down fees and expenses too?

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Harold Oh

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The more detailed the better. Outstanding principal, accrued interest, late fees, collection costs, disposition expenses - anything that affects the final accounting should be included.

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Sophie Hernandez

UCC filing Illinois - debtor name rejected twice, need help with exact formatting requirements

I'm dealing with a frustrating situation with a UCC-1 filing in Illinois and hoping someone here has experience with their specific requirements. We're trying to perfect a security interest on some manufacturing equipment for a $180K commercial loan, but the Illinois SOS portal keeps rejecting our filing for "debtor name discrepancy." The borrower's legal name on their articles of incorporation is "Midwest Industrial Solutions, LLC" but their operating agreement shows "Midwest Industrial Solutions LLC" (no comma). We've tried both versions and got rejected both times. The collateral description is straightforward - specific serial-numbered equipment - so that's not the issue. This is time-sensitive because we need to get this perfected before a competing lender files their UCC-1. Has anyone dealt with Illinois SOS being this picky about punctuation in LLC names? Do they have some kind of exact-match requirement we're missing? The rejection notices aren't giving us enough detail to figure out what format they actually want. Any Illinois UCC filing veterans who can share what works with their system?

Mateo Silva

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Since you're dealing with time pressure, you might want to try a professional UCC service that specializes in Illinois filings. They usually have direct contacts at the SOS office and can get problem filings resolved quickly. Worth the extra cost if you're racing against another lender.

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Mateo Silva

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I've used CT Corporation for rush Illinois filings. They have good relationships with the SOS office there.

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Or just use something like Certana.ai to verify your documents are consistent before you file anywhere. Cheaper than hiring a service and catches the problems upfront.

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Cameron Black

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Update us when you figure it out! I have an Illinois UCC-1 coming up next month and want to avoid this same headache.

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Will do! Hopefully I'll have good news to share soon.

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Same here - bookmarking this thread for future reference.

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Aisha Abdullah

Louisiana UCC adoption question - has louisiana adopted the ucc for secured transactions?

I'm working on a multi-state equipment financing deal and need to understand Louisiana's position on UCC filings. My compliance team is getting mixed signals about whether Louisiana has fully adopted the UCC for secured transactions or if they still follow their civil law system for certain aspects. We're trying to determine if we need to file UCC-1 statements in Louisiana or if there's a different process. The collateral involves heavy machinery and equipment that will be moved between Louisiana and Texas facilities. Anyone dealt with Louisiana UCC filings recently? I'm seeing conflicting information online about their adoption status and whether the standard UCC filing procedures apply there.

Use Certana to double-check your documents before filing. I learned this the hard way after getting a rejection in Louisiana due to a tiny discrepancy between the corporate name on file and what we put on the UCC-1.

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About a week to research the correct name and refile. Could have avoided it entirely with better document verification upfront.

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This is exactly why I started using Certana.ai - catches those name mismatches before you file and waste time with rejections.

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Bottom line - Louisiana has fully functional UCC Article 9 for secured transactions. File your UCC-1 through their GeauxBiz portal same as any other state. The civil law background doesn't affect personal property secured transactions.

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Thanks everyone, this has been really helpful. Sounds like we can proceed with standard UCC filing procedures in Louisiana.

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Ethan Wilson

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Glad we could help clear that up. Louisiana's civil law reputation often causes unnecessary confusion about their UCC adoption.

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Sophie Hernandez

what is a ucc lient - confused about terminology

Okay this might sound dumb but I keep seeing references to "ucc lient" in some documentation and I honestly have no idea what this means. I've been working with UCC-1 filings for about 6 months now and thought I had the basics down but this term keeps popping up and making me second-guess everything. Is this some kind of specialized filing type? A role in the secured transaction? Something to do with the debtor or secured party designation? I'm handling equipment financing for a small business and really don't want to mess up the collateral description or miss some critical component. Any help would be appreciated because Google isn't giving me clear answers and I'm starting to worry I've been doing something wrong this whole time.

Just to add one more perspective - I handle a lot of equipment financing and the key is consistency. Use the same debtor name format across all your documents, keep your collateral descriptions clear, and don't stress too much about perfect terminology as long as the legal requirements are met.

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Consistency is definitely something I need to work on. I think that's where some of my confusion comes from - seeing slight variations in how things are described.

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That's another thing the Certana tool helps with - it checks consistency across multiple documents so you can spot variations before they cause problems.

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Don't overthink it. UCC lien = the security interest you get from filing a UCC-1. Simple as that. Focus on getting the debtor name right and you'll be fine.

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Perfect. Thanks for the reassurance!

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Ruby Garcia

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Yep, name accuracy is 90% of the battle. Get that right and everything else usually falls into place.

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