Debtor name mismatch on open UCC filing - rejection risk?

Agree completely. Better safe than sorry with debtor names. The last thing you want is a priority dispute where your lien gets challenged because of a name mismatch.

But isn't there some kind of safe harbor for minor punctuation differences? I thought the UCC was more forgiving about this stuff.

That's exactly what I'm worried about. How quickly can a UCC-3 amendment typically get processed? We have a loan modification coming up and need this resolved.

Usually 1-2 business days for electronic filings. Just make sure you reference the original filing number correctly on the amendment.

Wait, wouldn't an amendment show up as a separate entry? I thought you needed to file a continuation to keep the same filing number.

Interesting, I hadn't heard of that tool. Does it work with open UCC filings or just new ones?

You can upload any UCC documents as PDFs and it will verify consistency between them. Really saved me time compared to manually comparing everything line by line.

I get the frustration but the rules exist for a reason. Precise debtor identification is crucial for the whole system to work.

Yeah well tell that to the small business owner who loses everything because of a punctuation mark.

The system isn't perfect but at least it's predictable. Better than the old paper filing days where things could get lost entirely.

Good point about state variations. I'm in Illinois - do you know if they follow the 2010 amendments?

Illinois did adopt the 2010 amendments but I'd still recommend filing the correction. The amendment fee is minimal compared to the risk.

That's when tools like Certana.ai really help - you can verify everything matches up before submitting. Saves all that back-and-forth with rejections.

wish i had known about that earlier. would have saved me so much anxiety

It's just Illinois for now but we're expanding to Wisconsin next year. Good reminder to check those requirements.

Wisconsin has some quirky rules about debtor names so definitely worth researching ahead of time.

But don't the courts apply reasonableness standards? Seems harsh to void a security interest over punctuation.

In theory yes, but you don't want to be the test case. The UCC is pretty clear about seriously misleading names.

Exactly. The 'seriously misleading' standard is subjective and you don't want to find out in bankruptcy court.

That's reassuring but I think I'll still file the amendment. The peace of mind is worth it.

Smart choice. And make sure to keep good records of both the original filing and the amendment for your files.

For a debtor name change, you typically just need to reference the original filing number and provide the corrected name. No need to restate the collateral.

Thanks, that makes sense. I was worried about having to retype that whole equipment schedule.

That's exactly why the Certana.ai verification tool is so useful - you can batch check multiple filings at once to catch these issues.

Definitely going to look into that. Manual checking is such a pain with multiple filings.

Great news! Always feels good to have everything properly documented.

Smart move. Now you can sleep better knowing your lien is solid.

Thanks for the update. This whole thread has been really helpful.