UCC Document Community

I'm still confused about the 'deals in goods of that kind' requirement. What if the consignee normally sells different types of goods but agrees to take your consignment as a special arrangement?

One thing that hasn't been mentioned yet is the 20-day rule for consignments. Even if you file your UCC-1, you need to notify any existing secured parties who have filed against the consignee's inventory. You have to send written notice at least 20 days before delivering the consigned goods, or your filing won't protect you against those prior secured parties. I've seen consignors get burned by missing this step - they filed their UCC-1 but didn't give proper notice to the bank that had a blanket lien on inventory. When the consignee defaulted, the bank claimed priority over the consigned goods. The notice requirement is in UCC 9-324(b) if anyone wants to check the exact language.

The UCC (Uniform Commercial Code) is foundational knowledge for anyone in commercial finance. Article 9 specifically deals with secured transactions - how creditors establish and maintain security interests in personal property collateral. Master the basics: perfection, priority, and continuation requirements.

This thread is so helpful! I'm also new to commercial lending and UCC filings seemed really intimidating at first. One thing that's helped me is creating a simple checklist: 1) Verify exact debtor name from corporate documents, 2) Describe collateral appropriately, 3) Double-check filing state requirements, 4) Set calendar reminder for continuation 6 months before 5-year expiry. The Uniform Commercial Code might be "uniform" in theory but every state has its quirks. Don't be afraid to ask questions - better to look inexperienced than mess up a client's security interest!

Final thought - document everything. Keep copies of the original UCC-1, the UCC-5 correction, and a memo explaining why you filed the correction. If this ever comes up in litigation or bankruptcy, you'll want clear documentation of your efforts to maintain a valid security interest.

This has been incredibly helpful - thank you everyone! I'm feeling much more confident about filing the UCC-5 correction now. Based on all the advice here, I'm going to: 1) Use Certana.ai to double-check for any other errors before filing, 2) File the UCC-5 correction ASAP even though the search test suggests we're probably okay, 3) Keep detailed documentation of everything, and 4) Notify our loan servicing team once it's filed. The peace of mind is definitely worth the filing fee. Will update this thread once we get the correction processed in case it helps others in similar situations.

Remember that UCC search meaning goes beyond just the state Secretary of State database. Some filings might be at the county level, especially for fixtures or if there are local filing requirements.

@Sophia Carson, one critical aspect of UCC search meaning that hasn't been mentioned yet is timing. For your equipment financing deal, make sure your search is current - ideally run within 24-48 hours of closing. UCC filings can be submitted and become effective very quickly, so an older search might miss recent filings. Also, consider getting a "bring down" search right before funding to catch any last-minute filings. I've seen deals where a competing lender filed a UCC-1 between the initial search and closing, which completely changed the priority structure. With an 8-year-old manufacturing company, there's definitely potential for multiple overlapping security interests, so fresh search data is essential for your risk assessment.

Bottom line - there's no philadelphia ucc code separate from Pennsylvania UCC law. File your UCC-1 with the PA Department of State using the exact corporate name from the Articles of Incorporation, and you're good to go. Don't overthink it!

This is a great thread - I'm relatively new to UCC filings and had the same assumption that major cities might have their own requirements. It's reassuring to hear from so many experienced practitioners that Pennsylvania keeps it simple with centralized state filing. One follow-up question though - when you're dealing with a debtor that has multiple business locations across different counties in PA, does that affect anything? Or is it still just the one state-level UCC-1 filing regardless of how many locations the debtor operates?