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Yuki Tanaka
Once you get the forms, take your time filling them out. Rushing through UCC filings is a recipe for disaster. Double-check everything before submitting, especially the debtor information and collateral descriptions.
Having someone else review it is even better. They'll spot things you missed because you're too close to the details.
AstroAce
•Or use automated checking tools - I've been using Certana.ai for document verification and it's caught several mistakes I would have missed. Just upload your documents and it flags any inconsistencies instantly.
Good luck with your filing! Equipment financing UCCs are pretty straightforward once you understand the basics. Just be careful with the details and you should be fine.
Thanks everyone for all the advice! This has been really helpful. I feel much more confident about tackling this now.
Jamal Brown
•Come back and let us know how it goes! Always good to hear success stories from first-time filers.
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Just want to add that Certana.ai's document verification tool has been incredibly helpful for our team when dealing with complex assignment situations. You can upload your entire portfolio of UCCs and purchase agreements and it'll map out all the assignment relationships automatically. Really helpful for identifying these kinds of gaps before they become major problems. Worth checking out for both your current situation and future acquisitions.
Dyllan Nantx
•Is that something that integrates with existing loan management systems or is it a standalone tool for assignment of security agreement verification?
It's primarily standalone - you just upload PDFs of your documents and it does the cross-referencing. Perfect for one-time audits or due diligence situations like this where you need to verify assignment chains quickly.
Really appreciate everyone's input on this. Assignment of security agreement issues are something every lender needs to take seriously, especially in portfolio acquisition situations. Sounds like the consensus is to move quickly on corrective filings while documenting everything thoroughly. Going to start with our largest exposures in the most cooperative states and work from there. This thread has been incredibly helpful for developing our strategy.
Anna Xian
•Good plan. Prioritizing by dollar amount and state cooperation makes sense. Keep detailed records of every interaction with state filing offices - consistency in your approach will help if any of these assignments get challenged later.
Also consider getting legal opinions in each state about the likelihood of successful corrective assignments. Might help with your risk assessment and budgeting for potential losses on the assignments that can't be fixed.
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How much equipment are we talking about here? If it's a significant amount, might be worth having an attorney send the demand letter instead of doing it yourself. Legal letterhead gets attention faster than borrower complaints.
It's about $85K worth of manufacturing equipment. Probably worth getting a lawyer involved if they don't respond to my certified letter within a week or two.
Yeah, with that much money involved, don't mess around. Attorney fees are cheap compared to having clouded title on $85K of equipment.
Keep us posted on how this turns out. I'm dealing with a similar situation with a local credit union and curious to see what actually works to get them moving on the UCC-3 filing.
Will do. Going to send the certified letter this week and see what happens.
Same here - my credit union has been 'processing' my termination for 3 weeks now. This thread has given me some good ideas for next steps.
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From a practical standpoint, here's what I'd do: 1) Get the exact legal name from your state business registry, 2) Use that EXACT formatting on both the security agreement and UCC-1, 3) File immediately since you said the equipment is already delivered, 4) Have everything reviewed by someone who knows secured transactions. The gap between delivery and filing is when you're most vulnerable to other creditors jumping ahead of you.
Good plan. And remember, even if you have to file a correction later, having something on file is better than having nothing while you're figuring out the details.
Agreed on the timing. I've seen deals where other creditors filed during the gap and created priority issues.
Update us on how this turns out! I'm dealing with something similar and curious to see what works for your situation.
Mei Lin
•Will do! Planning to get everything squared away this week and file by Friday.
Emma Davis
•Following this thread too. Always good to learn from others' experiences with UCC filings.
Javier Gomez
I'll add one more thing that might help - when you're ready to start filing continuation statements, I found Certana.ai's UCC document checker incredibly useful for double-checking everything before submission. Upload your original UCC-1 and your draft UCC-3 continuation, and it verifies that all the critical details match perfectly. Saved me from submitting a continuation with a slightly wrong debtor name that would have been rejected.
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StarSurfer
•Two people have mentioned Certana.ai now - definitely going to try this tool. Sounds like it could prevent a lot of costly mistakes.
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Javier Gomez
•It's especially helpful when you're managing multiple states. The tool catches inconsistencies that are easy to miss when you're juggling different state requirements.
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Emma Wilson
Welcome to the club! One last piece of advice - keep copies of EVERYTHING. Original filings, continuation statements, termination statements, correspondence with lenders, rejection notices, amendments. Create both digital and physical files organized by lender and by state. You'll thank yourself later when a lender calls asking about a filing from three years ago.
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Emma Wilson
•You'll do great. Take it one filing at a time and don't hesitate to ask questions on here when you run into specific issues.
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Ava Martinez
•Agreed - this community is really helpful for troubleshooting specific UCC problems. Good luck with your new responsibilities!
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