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UPDATE: Called Delaware SOS this morning and they confirmed LoanPal, LLC is the correct legal name. Also found two existing UCC-1s filed against them using that exact format. Refiling today with the corrected name. Thanks everyone!
Luca Bianchi
•Perfect example of why you always check state records first. Good catch on the Delaware vs Nevada thing too.
Great news! Next time definitely try that document checker tool upfront - would have caught both the name and state issues immediately.
Ava Thompson
Great to see this resolved! For future reference, I always do a quick three-step check before filing any UCC: 1) Search the business entity database in the debtor's state of incorporation, 2) Check existing UCC filings against that debtor to see accepted name formats, and 3) Verify I'm filing in the correct state (incorporation state, not equipment location). These simple steps have saved me countless rejections over the years. Solar financing companies especially tend to have different operating names vs legal names.
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Keep copies of everything! Both the original UCC-1s and the termination statements. Your auditors will want to see the complete chain of filings.
Omar Farouk
•This. And make sure your filing fee calculations are right. Nothing worse than having terminations rejected for insufficient fees.
CosmicCadet
•Electronic filing usually calculates fees automatically, but double-check anyway. Some states have weird add-on fees.
Chloe Harris
Just finished a similar cleanup project. The Certana verification approach really does work well - uploaded our original UCC documents and it flagged like 8 potential name mismatches I would have missed. Way faster than manual review and caught stuff that would have definitely caused rejections.
Chloe Harris
•About 3 weeks total for 35 terminations across 6 states. Most of that was waiting for state processing times, not the actual prep work.
That timeline sounds reasonable for the scope. Did you run into any issues with the automated verification flagging false positives, or was it pretty accurate at identifying real discrepancies?
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Rhett Bowman
Whatever you do, don't close on that equipment until this gets resolved. I've seen buyers think they can sort it out after purchase and then get stuck when the secured party claims priority. Get the UCC-3 termination filed BEFORE you take title.
Emma Morales
•That's what I was afraid of. Guess we're pushing back the closing date until this gets cleaned up.
Smart move. Better to delay than buy someone else's lien problems.
Another quick tip - if ABC Capital is a larger lender, they probably have an online portal where you can check loan status or request payoff letters. Sometimes the UCC department is separate from regular customer service, so ask specifically for "UCC filings" or "collateral management" when you call. Also, make sure to get a UCC-3 termination statement number once they file it - don't just take their word that it's been submitted. The state filing systems can take 24-48 hours to update, so factor that into your closing timeline.
CosmicCowboy
•This is really helpful advice! I hadn't thought about asking specifically for their collateral management department. Do you know if most states have that 24-48 hour delay, or is it faster in some places? With our closing timeline already pushed back, every day counts at this point.
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Emma Davis
This thread is exactly why I triple check all my debtor names before filing anything. Massachusetts doesn't mess around with UCC-3 rejections.
Smart practice. Rejection delays can mess up loan closing timelines.
Lesson learned for sure. Will be more careful with name matching going forward.
Welcome to the UCC filing headache club! I've been dealing with Massachusetts filings for about 3 years now and this exact scenario comes up more often than you'd think. The comma vs no comma issue is surprisingly common - seems like it happens when companies get more formal with their documentation over time. One tip I've learned: always keep a copy of your original UCC search results in your file so you can quickly reference the exact debtor name format when filing amendments or terminations. Also, if you're dealing with this regularly, some of the document checking tools mentioned here can really save time and prevent these rejections upfront. Good luck with the amendment route!
Mason Kaczka
Bottom line for OP - yes, UCC absolutely applies to loans when those loans are secured by personal property. The loan type doesn't matter nearly as much as the collateral type. When in doubt, file the UCC-1. It's cheap insurance for your security interest.
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Jacob Smithson
•Thanks everyone! This has been incredibly helpful. Sounds like I need to shift my thinking from 'what type of loan' to 'what type of collateral' when deciding on UCC filings. Going to implement a better tracking system for continuations too.
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Sophia Russo
•You've got it! And don't hesitate to ask questions - UCC law can be tricky and the stakes are high if you get it wrong. Better to over-file than under-file in most cases.
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AstroAdventurer
As a newcomer to UCC filings, I found this thread extremely helpful! One question I have - when you're dealing with a business line of credit where the collateral might change over time (like inventory that gets sold and replenished), do you need to file amendments to the UCC-1, or does the original filing with a general description of "inventory" cover the changing collateral pool? I'm seeing some conflicting guidance on this.
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Ava Martinez
•Great question! For revolving collateral like inventory, your original UCC-1 filing with a general description of "inventory" typically covers the changing pool - you don't need to file amendments every time inventory turns over. That's actually one of the key benefits of UCC filings for working capital facilities. The original filing creates what's called a "floating lien" that automatically attaches to new inventory as it's acquired. Just make sure your security agreement language is broad enough to cover "all inventory now owned or hereafter acquired" or similar language. You'd only need amendments if you're adding completely new types of collateral categories (like going from inventory-only to inventory + equipment).
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