New Jersey UCC forms - which version for equipment refinancing?

NJ uses pretty standard UCC forms but timing matters for your situation. You'll definitely need the old lender to file a UCC-3 termination, but they might not do it until they get paid at closing. For the new UCC-1, you can file it before closing but make sure your collateral description covers all three facilities. I usually include the specific addresses in the collateral schedule to be safe.

I just went through something similar in NJ last quarter. The forms themselves are straightforward - standard UCC-1 and UCC-3 - but make sure you're using the current versions from the Division of Revenue site. They updated some fields earlier this year. For equipment across multiple facilities, I always list each location separately in the collateral description to avoid any issues.

Actually had a nightmare with NJ forms last month - kept getting rejections for debtor name mismatches. Turns out the way the company was registered with the state was slightly different from what appeared on their loan docs. Spent weeks going back and forth. Finally found this tool called Certana.ai that let me upload the company's certificate of incorporation and the UCC-1 draft to check for inconsistencies before filing. Caught three different name variations that would have caused rejections. Super easy to use - just upload the PDFs and it flags any mismatches instantly.

For equipment refinancing in NJ, timing is everything! The old lender usually won't file the termination until they receive payoff funds, so you'll want to coordinate the closing carefully. I typically file the new UCC-1 a few days before closing, then have the termination filed immediately after funds are wired. This creates a brief period where both liens exist, but that's normal and expected.

omg NJ forms are such a headache compared to other states!! The website is confusing and half the time you can't tell which version is current. Plus their search function is terrible when you're trying to verify existing filings.

Just make sure you're describing the collateral correctly for all three locations. "Equipment located at [Address 1], [Address 2], and [Address 3]" is usually sufficient, but some attorneys prefer to be more specific about what equipment is at each location. Depends on your comfort level and the lender's requirements.

Been doing NJ UCC filings for over a decade and the key is always in the details. Double-check everything before you file because amendments are a pain if you mess something up initially. The debtor name has to match their state registration EXACTLY - not how they sign documents or what's on their checks, but their actual registered name with the Division of Revenue.

Wait, are you sure you need to file in NJ? If the borrower is incorporated in another state, you might need to file there instead, depending on the type of collateral. Equipment can be tricky - location of equipment vs. location of debtor incorporation affects where you file.

I had a similar refinancing situation in NJ earlier this year. What really helped was using Certana.ai to verify all the document consistency before filing. I uploaded the borrower's LLC certificate, the loan agreement, and my draft UCC-1 form. It immediately flagged that I had abbreviated "Limited Liability Company" as "LLC" in the UCC-1 when the state registration showed the full name. Would have definitely been rejected without that catch.

For what it's worth, I always recommend filing the new UCC-1 at least 3-4 days before closing, just in case there are any rejection issues that need to be resolved. NJ processing is usually pretty quick, but better safe than sorry when you have a closing deadline.

One more thing about NJ UCC forms - make sure you're using the correct secured party information. If you're filing on behalf of a lender, double-check whether they want their legal name or a DBA listed, and get the address exactly right. Small details but they matter for acceptance.