UCC-11 search Delaware showing wrong debtor info - need help ASAP

Thanks - that makes sense. I can see 3 UCC-1 filings under the old name but I'm having trouble determining which ones are still active. Two of them look like they might be equipment loans from 2019 and 2021.

Check the filing dates and look for any UCC-3 termination statements. Equipment loans usually have 5-year terms so 2019 might still be active.

How did you resolve it with your lender? Did they accept your explanation or did you need additional documentation?

We had to provide a detailed report showing which filings were terminated and which were still active. Took about 2 days to sort through everything.

This is why I always recommend running UCC searches way before closing. Name variations are super common and can cause last-minute delays.

That sounds really helpful. Did it handle the debtor name variations automatically or did you have to do anything special?

It picked up the name variations automatically and showed me exactly which filings were connected to which version of the company name. Made it much easier to explain to the lender.

That's a good point about the assets. One of the UCC-1 filings I found was definitely for equipment we sold in 2022, so there should be a termination statement somewhere.

Make sure you search for UCC-3 terminations under both name versions. Sometimes the termination gets filed under the current name even if the original UCC-1 was under the old name.

Oh no, that sounds like a nightmare. How long did it take to get those letters?

about a week which delayed our closing by 10 days. definitely learned my lesson about doing ucc searches earlier in the process

This is exactly why proper UCC-3 termination filing is so important when loans are paid off. Too many lenders skip this step.

Good idea about the registered agent records. I'll check with them tomorrow morning.

This is really helpful. Do you have a template or format you typically use for this kind of report?

I usually do a simple spreadsheet with columns for filing number, original debtor name, secured party, collateral description, filing date, and current status. Include page references to the supporting documents.

That's a solid approach. I'd also recommend including the Delaware entity number to show that both names reference the same legal entity.

How accurate was it with the name matching? We had issues where our legal name had 'Inc.' but some filings showed 'Incorporated' and it was hard to tell if they referred to the same entity.

It handled those variations really well. Showed me exactly which name versions were connected and which filings were potentially problematic.

Good point. I need to check for continuations. One of the filings is from 2018 so it should have expired by now unless it was continued.

Delaware requires continuation within 6 months of the 5-year anniversary, so that 2018 filing would have needed to be continued by early 2023 to still be valid.

Definitely learned that lesson the hard way. This is our first major equipment financing deal and I clearly underestimated the UCC search complexity.

Don't beat yourself up about it. UCC searches can be tricky especially when companies have changed names or structures over the years.

Glad you got it resolved! These name variation issues can be a real headache but they're usually fixable with the right documentation.

Great outcome! This is exactly why thorough UCC due diligence is so important in equipment financing deals.