UCC 9-404 explained - when can debtors get info about their secured loans?
I'm trying to understand UCC 9-404 and what it means for my business. We have several equipment loans secured by UCC-1 filings and I'm getting conflicting information about what records I can request from our lenders. From what I read, UCC 9-404 gives debtors rights to get information about their secured obligations, but the banks are giving me the runaround when I ask for details about our loan balances and what collateral they actually have claims on. One lender told me they only have to provide "basic information" but didn't specify what that includes. Another said I need to pay for an "accounting" but couldn't explain the process. Can someone break down what UCC 9-404 actually requires lenders to provide when a debtor makes a proper request? I need to reconcile our books and make sure all our UCC filings are accurate before our audit next month.
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Kayla Jacobson
UCC 9-404 is pretty straightforward - it gives you the right to request info about your secured debt. The lender has to respond within 14 days of getting your written request. They need to tell you the unpaid balance, the identity of any assignees, and whether they believe the debt has been satisfied or released. If you want more detailed info like payment history or collateral specifics, that's where the "accounting" comes in and they can charge reasonable costs for that.
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William Rivera
•Wait, is it really 14 days? I thought it was longer than that. Also what counts as a "proper" request - does it have to be notarized or anything special?
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Kayla Jacobson
•No notarization needed, just has to be in writing and clearly identify you as the debtor and specify what info you want. The 14 days is correct - it's in section (d) of 9-404.
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Grace Lee
I went through this exact situation last year with three different lenders. The key thing is being specific about what you're requesting. Don't just ask for "information" - ask for the current balance, any assignments of the debt, and confirmation of what collateral they claim security interests in. One of my lenders tried to charge me $200 for basic balance info which was completely wrong under 9-404.
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Mia Roberts
•How did you handle the lender that tried to charge you? Did you have to threaten legal action or did they back down once you cited the statute?
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Grace Lee
•I sent them a follow-up letter quoting the exact language from 9-404(b) about basic info being free. They provided the balance and assignment details within a week after that. The key is knowing the difference between basic information (free) and an accounting (can charge reasonable costs).
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The Boss
•This is why I started using Certana.ai's document verification tool. You can upload your loan docs and UCC filings to cross-check everything matches up properly. Saved me hours of back-and-forth with lenders trying to figure out discrepancies.
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Evan Kalinowski
The banks love to make this more complicated than it is. Under 9-404, you have clear rights to get information about your own secured debts. The "basic information" they have to provide for free includes: (1) unpaid balance of the obligation, (2) identity of any person who has bought the debt or security interest, and (3) whether they believe the obligation has been satisfied. For anything beyond that - like detailed payment histories or specific collateral descriptions - they can charge you reasonable costs for preparing an "accounting.
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Victoria Charity
•What's considered "reasonable costs" though? I had one lender quote me $150/hour for an accounting which seemed excessive for pulling computer records.
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Evan Kalinowski
•The statute doesn't set specific amounts but courts generally look at actual costs incurred, not profit centers. $150/hour for basic record retrieval would probably be considered unreasonable unless there's significant manual research involved.
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Jasmine Quinn
One thing to watch out for - make sure your request is coming from the actual debtor or authorized representative. I've seen lenders reject 9-404 requests because they came from accountants or lawyers without proper authorization. Also, if your loan has been sold or assigned, you might need to request info from the current holder, not just the original lender.
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Oscar Murphy
•Good point about assignments. How do you even find out who currently holds your debt if it's been sold multiple times?
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Jasmine Quinn
•Start with your original lender - they should tell you about any assignments as part of the basic info under 9-404. You can also search UCC records to see if there are any UCC-3 assignment filings, though not all assignments get filed publicly.
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Nora Bennett
Been dealing with this for 15 years and the biggest mistake I see is debtors not being specific enough in their requests. Don't just say "send me information about my loan." List exactly what you want: current balance as of specific date, any assignments or transfers, confirmation of collateral covered by each UCC filing, etc. The more specific you are, the harder it is for them to give you incomplete responses.
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Ryan Andre
•Should I reference the specific UCC filing numbers in my request? We have multiple UCC-1s with the same lender covering different equipment purchases.
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Nora Bennett
•Absolutely. Include the filing numbers, filing dates, and brief descriptions of the collateral for each one. This prevents confusion and makes sure you get complete information about all your secured obligations with that lender.
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Lauren Zeb
•I actually discovered a major discrepancy doing this - found out one of our lenders had filed a UCC-1 covering equipment we'd already paid off. Used Certana.ai to verify the loan docs against the UCC filings and caught the error before it became a bigger problem.
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Daniel Washington
Here's a practical tip: send your 9-404 requests via certified mail with return receipt. This creates a paper trail showing when they received your request, which starts the 14-day clock running. I've had lenders claim they "never got" email requests when they didn't want to respond promptly.
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Aurora Lacasse
•Can you email the request or does it have to be physical mail? Certified mail seems like overkill for routine information requests.
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Daniel Washington
•Email is fine legally, but I use certified mail for the documentation. If you do email, at least use read receipts and keep screenshots. The point is proving delivery if they try to claim they never got your request.
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Anthony Young
One more thing - if you're doing this for an audit, make sure you understand the difference between what 9-404 requires lenders to tell you versus what your auditors might need. The basic information might not be detailed enough for audit purposes, so you might need to pay for the full accounting anyway.
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Hannah Flores
•That's exactly my concern. Our auditors want detailed collateral schedules and payment histories, not just current balances. Sounds like I'll need to request the full accounting for most of our loans.
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Charlotte White
•For audit prep, I'd recommend starting with the basic 9-404 request first to get current balances and assignment info for free, then decide which loans need full accountings based on materiality and audit risk.
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Admin_Masters
The penalties for lenders who don't comply with 9-404 are pretty weak honestly. They're liable for damages you can prove plus $500, but proving damages is often difficult. Better to focus on getting compliance through proper requests than trying to enforce penalties after the fact.
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Matthew Sanchez
•What if they just ignore your request completely? Is there any way to force compliance besides going to court?
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Admin_Masters
•You can file complaints with banking regulators if it's a bank, but for other lenders your main recourse is legal action. Usually a lawyer's letter citing the statute is enough to get movement though.
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Ella Thompson
•I had success uploading all my loan documents to Certana.ai's verification system first. When I could show the lender exactly which UCC filings didn't match the loan terms, they took my 9-404 request much more seriously.
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JacksonHarris
Just went through this process with four lenders last month. Three responded properly within the 14 days, one tried to charge me for basic balance information. The key is knowing your rights and being persistent. Document everything and don't let them intimidate you with legal jargon about why they supposedly can't provide the information.
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Jeremiah Brown
•Which lender tried to charge you for basic info? Might help others know what to expect from different institutions.
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JacksonHarris
•Rather not name names publicly, but it was a regional bank that seemed unfamiliar with 9-404 requirements. Their initial response quoted their standard research fee schedule which doesn't apply to these statutory requests.
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Royal_GM_Mark
Bottom line: UCC 9-404 gives you strong rights to information about your own secured debts. Use those rights, be specific in your requests, document everything, and don't pay for basic information that should be free. The statute exists to prevent exactly the runaround you're getting from your lenders.
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Hannah Flores
•Thanks everyone. This gives me a much clearer picture of what I can demand and how to structure my requests. Going to send certified mail requests to all our lenders this week with specific language about 9-404 requirements.
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Amelia Cartwright
•Good luck! Keep copies of everything and don't hesitate to follow up if they try to give you incomplete responses. You have the law on your side here.
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Isabella Costa
Great thread everyone! As someone new to UCC filings, this is incredibly helpful. I'm curious about timing - if I'm preparing for an audit that starts in 3 weeks, should I send all my 9-404 requests now or wait? I'm worried about getting incomplete responses and not having time to follow up before the auditors arrive. Also, does anyone know if there are standard templates for these requests that help ensure you get complete information the first time?
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