UCC-1 financing statement expired 6 months ago - can I still file continuation?

That's what I was afraid of. The debtor relationship is still good but this is such an embarrassing mistake. Do I need to get new authorization from them for a fresh UCC-1?

Yes, you'll need a new security agreement or authorization to file the new UCC-1. The original security agreement likely covers this, but check your loan documents to be sure.

Thanks for the reassurance. How did you handle the unperfected period with your client? Did it cause any issues with the loan agreement?

We had to get waivers from our loan committee and increase monitoring during the gap period. Fortunately no other creditors filed against the debtor during those few weeks.

Same situation here - missed a continuation by 3 months. The key is acting fast and being transparent with all parties involved.

That sounds like exactly what I need going forward. Does it work with existing filings or just new ones?

Works with existing filings - just upload the PDFs and it builds a tracking database. Super easy to use and caught two potential issues in my portfolio I didn't even know about.

Automated tracking is the only way to go. I've got 200+ UCC filings and there's no way to track them manually without missing something.

UCC-1 financing statements are effective for 5 years, not 10. You're thinking of fixture filings, which can be effective for different periods depending on the jurisdiction.

Oh geez, I better check my own filings then. I've been operating under the wrong assumption this whole time.

This is why I keep a UCC reference guide handy. Too many different rules to remember off the top of your head.

I hear your frustration but it's really on us as lenders to maintain proper records and systems. Can't blame the state for our internal tracking failures.

Easy to say when you're not dealing with 500+ commercial loans and minimal staff. Some states do provide notification services - why can't they all?

Actually Nevada and Delaware offer email alerts for expiring filings. More states should adopt this.

That's encouraging to hear. I'm planning to call the borrower tomorrow morning to explain and get authorization for the new filing.

Good plan. Frame it as a routine administrative correction rather than a major error. Most borrowers don't fully understand UCC implications anyway.

Debtor name inconsistency? That's another thing I should probably check. Our borrower has a DBA they use sometimes.

Exactly - those DBA situations are tricky. The tool cross-checks everything and highlights potential issues. Worth checking before you file the new UCC-1.

DBAs are the worst for UCC filings. I always file against both the legal name and the DBA just to be safe.

Thanks for the practical advice. I'm definitely investing in a better tracking system after this scare.

Smart move. The cost of a good tracking system is nothing compared to the potential loss from an unperfected security interest.

We're in Texas. I checked the SOS website but didn't see any special provisions for expired filings.

Texas follows standard UCC Article 9 rules - no special grace periods unfortunately. New UCC-1 is your only option.

Thanks for the encouragement. It's easy to catastrophize but you're right - mistakes happen and we learn from them.

Exactly. Use this as motivation to build better systems and processes. Turn the mistake into a positive change.