Commercial credit group UCC-1 filing rejected due to debtor name mismatch with LLC charter

Yes! I learned this the hard way. "ABC Corp" vs "ABC Corporation" will get rejected every time.

Wait, so if the loan docs say one thing but the charter says another, which one do we use for the UCC?

Always use the exact name from the state charter/formation documents for the UCC filing. The loan documents can be amended if needed.

Good point about amendments. How do I verify if there were recent name changes without manually checking each entity?

Most states have good faith filing provisions but exact matching is still safest. You can usually search by entity number if you have it.

That sounds helpful. Does it work with bulk filings or just individual ones?

You can upload multiple documents at once. It's been a lifesaver for our commercial lending team.

Interesting. I've been doing manual comparisons but that's time consuming with large portfolios.

I feel your pain. The worst is when you're up against a deadline and get hit with these rejections.

Exactly! And then you have to explain to the client why their perfection is delayed over a comma.

Good advice. Though some states have really slow turnaround times for certified copies.

True, but online database searches are usually sufficient for name verification if you can't wait for certified copies.

Not in this batch, but good to know. These are all equipment loans so standard UCC-1 filings.

Equipment loans are usually more straightforward. Just make sure the collateral descriptions are specific enough too.

This is a great point. DBAs won't perfect the security interest properly.

Yes, I made sure to use the legal entity names. The issue is just the exact formatting matching the charter docs.

That's actually what I'm worried about. Some of these have continuations coming up soon.

You might want to verify your existing filings are correct before the continuation deadline hits.

This is another area where Certana.ai helps - you can upload your existing UCC-1 and check it against current charter docs to make sure everything aligns before filing continuations.

Multiple states actually, which makes it more complicated. Each state seems to have slightly different tolerance levels.

Yeah, Delaware is super strict while some other states are more lenient. Best to assume strict rules everywhere.

That's a lot of refiling fees! Must have been expensive.

Yeah, plus the time delay was problematic for some of the loan closings. Learned my lesson about being more careful upfront.