UCC Document Community

Never thought to ask about this during loan shopping but it makes total sense. UCC termination speed could definitely be a factor in choosing between lenders.

This is really good advice. I wish I had known to ask about UCC processing times when I was shopping for my car loan. Would have definitely influenced my decision knowing some lenders take 6+ weeks while others can do it in a few days.

Welcome to the community! You're absolutely right that this kind of practical knowledge should be more widely known. I've learned more about UCC filings from this thread than from any official documentation. The fact that simple document formatting inconsistencies can cause weeks of delays really highlights how important it is to verify everything upfront rather than assuming the lenders have their systems sorted out properly.

Smart to do that verification search. That's actually another thing Certana.ai's tool is useful for - you can upload your termination confirmation along with a current UCC search to verify everything processed correctly and the records are clean.

Exactly. It's that final peace of mind that everything was handled properly. Better safe than sorry with UCC filings.

This checklist is super helpful! As someone new to UCC filings, I really appreciate having a clear step-by-step approach. One question - when you mention getting the original UCC-1 from state records, is there usually a fee for that search/copy, or is it typically free to access online?

Nice work tracking that down. Those trade name registrations can be really misleading when you're trying to identify the correct debtor name for UCC purposes.

This whole thread is going in my reference folder. Great example of how the UCC definition of person isn't usually the problem - it's all about getting the debtor identification right.

Welcome to the community! For UCC filings, always use the exact legal name as it appears in the entity's organizational documents filed with the state (articles of incorporation, articles of organization, etc.). Trade names, DBAs, and assumed names should never be used as the debtor name - those are just marketing names, not the legal entity name. The rule of thumb is: if the entity got sued, what name would appear on the court documents? That's your debtor name. Start by pulling the most recent certificate of good standing or articles from the Secretary of State - that's your gold standard. And yes, there are definitely pitfalls, but once you get the hang of always going back to the official state records, it becomes much more straightforward!

Will do. This thread has been really helpful in understanding what I need to push for. Thanks everyone!

Agreed, fixture terminations come up more often than you'd think. Good discussion here.

That's excellent advice about reviewing the draft first! I'm definitely going to ask for that. Better to catch any discrepancies before filing rather than having to fix them later. Did you run into any pushback from the lender when you asked to see the draft, or were they pretty accommodating?

Most lenders are pretty reasonable about showing you the draft, especially if you explain that you want to avoid any filing errors that could delay the termination process. In my experience, they'd rather spend a few minutes letting you review it upfront than deal with correction filings later. Just frame it as wanting to help ensure accuracy rather than questioning their competence - makes the conversation go much smoother.

Thanks everyone! This has been super helpful. I feel much more confident about the process now.

Good luck with your equipment purchase! Just remember to keep copies of everything and track your continuation dates.

Great point about the continuation filing! I hadn't even thought about that aspect yet. So if I have a 7-year equipment loan, I need to remember to file the continuation before year 5? What happens if I miss that deadline - does the lender lose their security interest entirely?

If you miss the continuation deadline, your UCC filing lapses and you lose your perfected status - meaning other creditors who file after your lapse could potentially take priority over you, even though your security agreement is still valid. The lender doesn't lose their security interest entirely, but they lose their priority position against other secured creditors. You can refile, but you'd be treated as a new filing with a new priority date. Definitely don't want to miss that deadline!