UCC-1 2017 filing still showing as active - termination help needed

Thanks, that makes sense. Do I need any special forms or just the standard UCC-3 termination with an explanation in the additional info section?

Standard UCC-3 should work fine. Just be clear in the additional information field about when the underlying obligation was actually satisfied.

Good point about the exact match. I double-checked and everything looks identical but I'm always paranoid about typos or formatting differences.

Actually had a filing rejected last month because of a space difference in the debtor name. The system is really picky about exact matches.

Interesting, how does that work exactly? Just upload PDFs and it checks for consistency?

Yeah exactly. Upload both documents and it cross-checks everything automatically. Catches those tiny discrepancies that would otherwise cause rejections.

Sounds useful but probably expensive for just one filing, right?

Actually they focus more on preventing costly mistakes than charging high fees. Worth it when you consider the time saved on refilings.

Good catch - I should check if it actually lapsed in 2022. If it did, maybe I don't need to file a termination at all?

If it lapsed naturally, you're right that no termination is needed. But some lenders still want a formal termination on record for their files.

True, depends on what the debtor needs it for. Clean title search might require formal termination even if it lapsed.

I feel your pain. Had to clean up a whole portfolio of old filings when I switched firms. It's tedious but necessary work.

At least you got paid for it. I'm doing this pro bono for a longtime client and it's eating up my billable hours.

No, it was a private equipment financing deal. But good to know about SBA differences.

Ah okay. Private deals are usually more straightforward for late terminations.

Yeah I'm being super careful about that. Thinking about having someone else review it before I submit.

Smart approach. Fresh eyes always catch things you miss after staring at documents too long.

That's why I like the automated checking tools. Takes the human error out of the comparison process.

We're already past the 5-year mark actually. Filed in 2017 so it should have lapsed in 2022 unless it was continued.

Then check the continuation records first. If no continuation was filed, it's probably already lapsed and inactive.

That sounds like a nightmare. How did you handle the ones where you couldn't verify if the loans were actually paid off?

Had to track down loan files and payment records. Some we had to let lapse naturally because we couldn't prove satisfaction.

Good advice, thanks. I'll make sure to include my direct line and email.

Exactly. Better to be proactive about communication than have the filing sit in limbo.

Will do. Planning to file the UCC-3 termination early next week after I verify the continuation status.

Perfect, looking forward to hearing how it goes.