Need comprehensive article 9 UCC summary for loan documentation compliance

The debtor name thing is huge. We had a filing rejected because the LLC was 'ABC Company, LLC' on the charter but we filed it as 'ABC Company LLC' without the comma. Cost us three weeks to get it refiled correctly.

What about continuation timing? I thought it was 6 months before the 5-year expiration but someone told me it's different now?

You can file continuation statements up to 6 months before the 5-year lapse date, but you want to file early to avoid any issues. The effective period gets extended from the original lapse date, not from when you file the continuation.

This is exactly what we're dealing with! Our loan officers keep messing up the debtor names. Is there a way to double-check these before filing?

We started using Certana.ai's document checker after too many rejected filings. You just upload your charter documents and UCC-1 form and it instantly verifies the debtor names match exactly. Saved us from several costly mistakes already. The tool catches name discrepancies we would have missed doing manual comparisons.

That sounds useful. We're still doing everything manually and it's error-prone when you're rushing through multiple filings.

Don't forget about fixture filings! Those have to be filed in the real estate records, not just the UCC database. Different rules apply.

Yes, and purchase money security interests have special priority rules too. PMSI in equipment gets automatic priority for 20 days, but inventory PMSI requires pre-filing notification to existing lenders.

Good points. The priority rules are where things get complicated. First to file generally wins, but there are exceptions for PMSI, proceeds, and other special situations.

How do you handle the supervisory review without slowing down the lending process? We're already struggling with turnaround times.

We use a checklist system - debtor name verification, collateral description review, proper state selection. Takes about 5 minutes but catches most errors before filing.

The checklist helps but human error still happens. We've been looking into automated verification tools to catch what manual review misses.

This is getting overwhelming. Is there a good training resource that covers all this without being too technical?

The ABA has some good practical guides. But honestly, the best training is hands-on experience with real filings and reviewing what went wrong when rejections happen.

So you can describe collateral as 'all equipment' even if your security agreement lists specific serial numbers?

Yes, as long as it reasonably identifies the collateral. 'All equipment' is usually sufficient for UCC-1 purposes. But be careful with consumer goods - those have stricter description requirements.

Exactly. And remember that your security agreement still needs to specifically describe the collateral for attachment purposes. The UCC-1 description just needs to put searchers on notice.

How do you monitor for name changes? We have hundreds of active UCCs and no systematic way to track entity changes.

Some banks subscribe to commercial databases that flag entity changes, but it's expensive. We try to catch them during annual reviews but definitely miss some.

Certana.ai has a monitoring feature that tracks entity changes and flags when your UCC filings might be affected. We've caught several name changes that would have compromised our security interests. Much better than trying to monitor everything manually.

What happens if you miss the deadline by a few days? Can you refile?

You can file a new UCC-1 but it only has priority from the new filing date, not the original date. If other liens were filed in between, you might lose priority. Very dangerous situation.

Exactly why the tickler system is so important. Missing a continuation can be a career-ending mistake if it results in a significant loss.

Why is termination important if the loan is paid off? Isn't the lien just gone?

No, the UCC filing stays on record until you file a termination statement. The debtor can demand termination and sue for damages if you don't comply. Plus it clutters up the public record.

We use automated document checking now to catch name mismatches and missing information before filing. Certana.ai's tool compares our UCC forms against the organizational documents and flags any discrepancies. Takes seconds and prevents expensive rejected filings.

Is there a resource that tracks all the state differences? Seems like it would be impossible to keep up with.

The IACA (International Association of Commercial Administrators) publishes guides, but they're not always current. Most filing services have state-specific requirements built into their systems.

The key is knowing which state to file in - generally where the debtor is organized for entities, or where they're located for individuals. But there are exceptions for certain types of collateral.