Need comprehensive UCC filing list for multi-state collateral audit - missing critical documentation

We started with internal records but found so many discrepancies we're now pulling fresh searches from each state. It's revealing how many filing numbers we have wrong in our system.

This is why I always tell people to maintain parallel tracking. The SOS databases are the source of truth, not your internal spreadsheets.

Exactly what we're finding. One debtor filed a name change in Delaware but we never updated our UCC-3 amendments in the other states. Now we have orphaned filings.

Been there. Delaware corporate changes ripple through everything. Did you check if any of your lenders require you to monitor corporate status changes for exactly this reason?

Most of our loan agreements have those monitoring requirements but we clearly weren't staying on top of it. Learning the hard way now.

That sounds like exactly what we need. Does it handle the state-specific formatting differences? Each SOS seems to have their own quirks.

Yes, it's designed for that. You just upload the PDFs from different states and it standardizes the comparison automatically. Really helped us spot the debtor name variations we were missing.

Another vote for automated verification. Manual cross-referencing is where human error creeps in and you miss critical details.

We found three that already lapsed last month. The internal reminders weren't set up correctly and we missed the continuation window entirely.

Ouch. Those are unperfected now unless you can argue the gap was minimal and the debtor wasn't prejudiced. Expensive mistake.

This is why lenders require UCC monitoring services. The manual tracking just doesn't scale when you have hundreds of filings across multiple states.

That's another gap we discovered. Two of our debtors went through mergers and we never filed UCC-3 amendments to reflect the new surviving entities.

Classic problem. The M&A teams don't always loop in the UCC compliance people until it's too late. You might need to file new UCC-1s if the amendments don't cure the perfection issues.

We have something similar but the Amendment History column is where everything breaks down. Some states don't make it easy to pull the complete filing history.

True. Illinois and New York are particularly annoying for historical searches. You might need to order certified copies for the complete chain of title on your most critical filings.

Don't forget to check for partial releases and terminations too. We found several UCC-3 partial releases that weren't properly reflected in our collateral tracking.

Mostly equipment and inventory but we do have some fixture filings in Texas and Florida. Those are filed in the real estate records, right?

Depends on the state. Some fixture filings go with the county recorder, others with the Secretary of State. Texas does both depending on the type of property.

Absolutely. This audit is showing us how badly we need better systematic monitoring instead of relying on manual calendar entries.

The cost of a monitoring system is nothing compared to losing perfection on a major secured transaction. Your CFO should approve that investment immediately.

Plus the compliance audit findings will probably require you to implement systematic monitoring anyway. Better to be proactive.

Thanks. It's definitely stressful but we'll get through it. Just need to establish better processes going forward.

Will do. So far the automated document checking is helping a lot with the cross-state consistency issues. Manual verification was just taking too long.

That's encouraging. The time savings alone would justify using a tool like that for multi-state UCC portfolio management.