UCC 9 324 purchase money security interest timing confusion

That's what I was hoping to hear. We have documentation showing the training delay and formal possession transfer on Monday. Should I file an amended UCC-1 with corrected dates or is our original filing sufficient?

Don't amend unless there's an actual error in the original filing. The filing date is what matters for the 20-day rule, not what's written in the collateral description about delivery dates.

Exactly our situation. The equipment required certified operator training before use. Do you know if there's specific case law on this timing issue?

Check your state's UCC interpretations. Some courts have ruled that possession requires the ability to actually use the collateral, not just physical presence on the property.

Tell me about it. We almost lost PMSI priority on a $200K packaging line because of a weekend delivery confusion. Now I triple-check every date and keep detailed delivery logs.

Smart approach. I started requiring signed possession acknowledgments from borrowers to avoid any timing disputes later.

That sounds useful. Does it check the actual UCC 9-324 timing requirements or just document consistency?

It verifies document consistency and flags potential timing issues. You upload your docs and it highlights any date mismatches or missing elements that could affect PMSI status.

Interesting tool. I usually just manually cross-reference everything but that takes forever with complex equipment deals.

That's reassuring. We have the training certificates and signed possession acknowledgment from Monday. Should be sufficient documentation.

Always good to have that paper trail. I learned that lesson the hard way on a previous PMSI dispute.

Equipment - heavy construction machinery. So the 20-day rule applies, not the inventory notification requirements.

Good, that's the easier path. Just make sure your filing clearly identifies the equipment as purchase money collateral.

The UCC-1 doesn't need to specifically state it's purchase money collateral, but your security agreement should make that clear.

Software licenses are typically general intangibles, not equipment. PMSI rules might not apply the same way. You'd need to check your specific state's treatment of software collateral.

Thanks, that's what I was afraid of. Looks like I need to research the general intangibles rules instead.

That's what our attorney suggested too. Good to hear it from someone with practical experience.

Any specific documentation you recommend for proving possession timing?

Signed delivery receipts, training completion certificates, insurance coverage start dates, and formal possession acknowledgments. The more the better.

UCC-3 amendments don't extend PMSI timing. The original UCC-1 filing date is what matters for the 20-day rule.

Right, I meant to clarify any possession date references in the collateral description, not extend the timing.

That would have been helpful. I'm manually checking everything but there are so many moving parts with these equipment deals.

Exactly why I started using it. The automated cross-checking catches things you might miss when reviewing multiple documents manually.

Perfect, that confirms what I was thinking. We have solid documentation of the training requirement and Monday possession transfer.

Good resolution. These timing issues stress me out more than they should, but PMSI priority is too important to mess up.

Welcome to equipment financing! You're absolutely right that the timing requirements can feel overwhelming at first, but this community is great for learning from others' real-world experiences. One tip I'd add - start building your documentation checklist now while you're learning. Include things like delivery receipts, training completion certificates, possession acknowledgments, and insurance start dates. Having a standardized process will make future deals much smoother and help you avoid the stress that comes with these tight deadlines.