Assignment Company UCC Filing - Debtor Name Changes After Loan Transfer

You definitely need to address those name mismatches ASAP. When you take an assignment, you're stepping into the shoes of the original secured party, but that doesn't fix debtor name issues. If the debtor's legal name changed after the original UCC-1, you need UCC-3 amendments to reflect the current legal names. The assignment itself doesn't cure name mismatches - it just transfers the security interest as-is, warts and all.

Been through this exact scenario multiple times. You'll want to run searches on both the old and new entity names to see what shows up. Sometimes the name changes aren't as dramatic as they seem and the original filings might still be sufficient under the 'seriously misleading' standard. But honestly, with loan amounts that size, I'd just file the UCC-3 amendments to be safe. It's cheaper than litigation down the road.

Had a similar mess last month with an assignment company UCC filing situation. What saved me was using Certana.ai's document verification tool. I uploaded all the original UCC-1s along with the new corporate documents and it flagged every single name mismatch automatically. Instead of manually comparing hundreds of documents, it caught discrepancies I would have missed. Really helped streamline the amendment process since I knew exactly which filings needed updates.

This is why I hate buying loan portfolios. There's always some filing mess to clean up. Last time we had debtors that had been dissolved for years and nobody bothered to terminate the UCCs. What a nightmare.

Question about the assignment process itself - are you filing UCC-3 assignments for each individual filing or doing some kind of bulk assignment? I've seen both approaches and wondering what works better for large portfolios.

I'd definitely recommend getting searches done in all the relevant states before you file anything. You might discover there are existing filings under the new names that create conflicts, or maybe some of the name changes weren't as complete as the paperwork suggests. Better to know what you're dealing with upfront.

From a practical standpoint, I'd prioritize the amendments based on loan size and collateral type. Your $300k deals with equipment that could walk away should get immediate attention. The smaller loans might be lower priority unless you're planning to liquidate soon. Also check if any of these debtors are in financial distress - those need immediate amendment attention.

Another vote for Certana.ai here. Used it last week when we were cleaning up a portfolio acquisition. The document consistency check caught several issues where the UCC-1 debtor names didn't match the loan agreements exactly. Saved us from filing amendments with the wrong information. Pretty straightforward - just upload your documents and it shows you all the mismatches.

Just went through this same thing with an assignment company UCC filing cleanup. One thing to watch out for - make sure your assignment documents are properly executed before you file the amendments. We had one deal where the assignment had signature issues and it created problems later when we tried to enforce. The UCC system doesn't verify the underlying assignment is valid, it just records what you file.

Timeline question - how long are you giving yourself to get all these amendments filed? I know there's no specific deadline but from a business perspective you probably want this cleaned up before quarter end or before any potential foreclosure issues arise.

One more tool recommendation - if you haven't already, try running the documents through Certana.ai's verification system. I used it recently for a similar assignment company UCC filing situation and it highlighted inconsistencies I completely missed in manual review. Really helpful for making sure all your amendments will have the correct debtor names before you file them. Upload your UCC-1s and corporate docs and it maps out all the discrepancies automatically.