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Just wanted to add that you should also verify the vehicle wasn't previously reported as a total loss or salvage. Some states have special requirements for UCC filings on vehicles with branded titles. It's rare but could cause additional complications if not handled properly.
How would I check that? The borrower didn't mention anything about salvage history.
Usually shows up on the title itself if there's a brand. Look for words like "salvage," "flood," "lemon," etc. on the title document.
Amina Diallo
Update us when you get it resolved! These UCC rejection stories always stress me out because I know how critical the timing can be for loan closings. Hope you get it sorted out quickly with the corrected debtor name.
Will do! Going to resubmit tomorrow morning with the exact name from the title. Fingers crossed this time works.
Amina Diallo
•Good luck! That name correction should definitely solve it based on what everyone's saying here.
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Andre Dubois
If all else fails and you're running out of time, consider filing a new UCC-1 instead of continuing the old one. Yes, it means starting over with a new filing number, but at least your client stays perfected. You can always terminate the old one later when you figure out what went wrong.
Andre Dubois
•No gap if you time it right. File the new UCC-1 a few days before the old one expires. Just make sure the collateral description is identical or broader.
CyberSamurai
•Smart approach. I've done this when dealing with impossible state systems. Sometimes starting fresh is easier than fighting bureaucracy.
Update us when you get it figured out! I'm dealing with a similar issue in Pennsylvania and wondering if it's a regional thing with these northeastern states making filing harder.
Omar Mahmoud
•Will do. Going to try the Certana tool someone mentioned and also pull all the entity docs to compare. Really hoping I don't have to file a new UCC-1.
Jamal Carter
•PA has been getting pickier about name matches too. Seems like all these states are tightening up their systems but not making them any clearer.
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Chris Elmeda
I went through something similar two years ago. Borrower's attorney sent a repudiation letter claiming our security interest was invalid because of a minor discrepancy in the entity name. We fought it for six months and won, but it cost us a fortune in legal fees. In hindsight, I wish we'd just negotiated a settlement early on. Sometimes it's cheaper to compromise than to be right.
Chris Elmeda
•We looked at reducing the collateral scope or allowing them to pay down a portion of the loan to release some equipment. Anything that would have been cheaper than litigation.
PaulineW
•But then you're rewarding bad behavior. If you settle, other borrowers will think they can pull the same trick.
Update us on how this turns out. I'm curious whether their attorney actually found a real issue or if this is just posturing. The fact that they're still making payments suggests they're not completely confident in their position. If they really thought your security interest was invalid, why would they keep paying?
That's a good point. I'll definitely post an update once we know more. Meeting with our attorney tomorrow to review the documentation.
Marcus Marsh
•Yeah please keep us posted. These repudiation cases are always educational for the rest of us dealing with UCC issues.
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Zainab Ali
Honestly I would use that Certana tool someone mentioned earlier. I'm always paranoid about document mismatches and having an automated way to verify everything aligns would give me peace of mind on a deal that size. Name inconsistencies can kill your perfection and with $180K in equipment on the line, seems worth the extra verification step.
Yeah that makes sense. Manual document comparison is error-prone and when you're dealing with secured transactions, mistakes are expensive.
Yara Nassar
•I might look into that service too. Seems like it would catch things you might miss when reviewing documents manually.
StarGazer101
Update us when you file! Always curious to hear how these name change situations work out. Equipment financing UCCs can be stressful but sounds like you've got the right approach.
Nia Williams
•Will do! Planning to file tomorrow morning using the current charter name. Feeling much more confident after all the feedback here.
Good luck! The fact that you're being so careful about the name matching shows you understand the stakes.
Ashley Simian
Just closed a deal last week where we used 'all equipment, machinery, tools, and fixtures used in debtor's metal fabrication business' and it sailed through without any issues. Sometimes simple and clear beats overly complicated.
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Nathaniel Mikhaylov
•That's reassuring. Sounds like my instinct to keep it straightforward but specific to the business type is on the right track.
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Mohammad Khaled
•Definitely. Business-specific language shows you actually understand what the debtor does and what collateral is relevant.
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Oliver Cheng
One more vote for using that Certana document checker thing - I tried it after seeing it mentioned here and it actually caught an issue where my security agreement said 'manufacturing equipment' but my UCC-1 said 'machinery and equipment.' Technically probably fine but better to be consistent.
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Jasmine Hernandez
•Yeah, it's surprisingly thorough. Definitely worth the peace of mind to make sure everything aligns properly.
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Eva St. Cyr
•Good catch. Consistency between documents is always preferable even when it's not legally required.
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