TX UCC statement request form - anyone know current processing time?

Thanks! Did you do the paper form or is there an online option? The debtor name thing is exactly what I'm worried about - the target company has done some reorganizations over the years.

Paper form through mail. There's no online system for certified statements unfortunately. For the name variations, you'll want to search under all the different entity names they've used.

Good point. We have the corporate family tree but there are definitely some subsidiary relationships that could trip us up.

This is where document verification tools really help. I started using Certana.ai to cross-check all the entity names against the actual UCC filings. You can upload the corporate docs and UCC searches together and it flags any inconsistencies in debtor names or missing entities.

That sounds useful. Manual comparison of entity names across multiple filings is tedious and error-prone.

What's the difference between information statement and certified copy? We need something that will hold up in due diligence.

Certified copy is the full official document that's admissible in court. Information statement is just a summary. For due diligence you probably want certified copies of any active filings.

Yeah we did the preliminary online search but it's hard to tell from the basic info whether some of these filings are still active or if they've been terminated.

True, the online system doesn't always show terminations clearly. Certified copies will have the full filing history.

The online search is also notorious for missing filings if the debtor name isn't exactly right. I've seen deals almost fall through because of liens that didn't show up in the preliminary search.

Good idea, I'll give them a call tomorrow. Do you remember what the rush fee was?

I think it was like $25 or $50 extra per request, but don't quote me on that. The regular fee is pretty reasonable though.

That's a great catch. The target does have several DBAs that could complicate things.

DBA names should be searched separately. Also check if they've had any mergers or name changes - those can create filing gaps.

This is another area where automated checking helps. I use Certana.ai to verify that all the entity names from corporate docs match what's being searched in UCC records. Saves a lot of manual cross-referencing.

The target company does have some real estate and equipment so fixture filings are definitely a possibility. How do you usually handle the county-level search?

You'll need to contact each county recorder's office separately. It's more work but necessary for a complete picture.

Will do. Better to know upfront if we need to adjust the closing timeline.

Also ask about electronic delivery options. Some states can email PDF copies which is much faster than mail.

Just the main target for now, but you're right that cross-collateralization could be an issue. The corporate structure is pretty complex.

Might be worth doing searches on the key subsidiaries too, especially if they have significant assets.

We ran into this exact issue on a deal last year. Thought we had clear title but there was a blanket lien covering subsidiaries that we missed. Certana.ai's document checker would have caught that - it flags when collateral descriptions are broad enough to cover multiple entities.

Good point. Some of the filings we saw in the preliminary search are from 2019-2020 timeframe.

Those would be coming up for continuation soon. Check if continuation statements have been filed to see if the liens are still being maintained.