UCC attachment filing complications - debtor entity changes mid-process

This is correct. I learned this the hard way when a UCC-1 got rejected because we used a shortened version of the company name. Always use the exact legal name as it appears in the state registry.

But what about the loan documents? If those show the old name, doesn't that create a disconnect between the security agreement and the UCC filing?

That's a good approach. I usually add a line in the additional information section referencing the name change with the effective date.

Wait, can you actually put former names in the collateral description? I thought that section was only for describing the actual assets being secured.

You're right about the collateral description - I meant the additional information section on the UCC-1 form. That's where you can add context about name changes.

How does that work exactly? Do you just upload the files and it automatically compares them?

Yeah, it's pretty straightforward. You upload your security agreement or loan docs, then upload the UCC-1 you're planning to file. It cross-checks debtor names, filing numbers, collateral descriptions, all that stuff. Takes like 30 seconds to get results.

That sounds useful for catching mistakes before filing. I've had too many UCC-1s get rejected for stupid errors.

Good point about the timing. Priority date is based on when you file, so better to file something correct than delay and risk losing priority to another creditor.

How long does it typically take to get an acknowledgment like that? The lender wants this wrapped up this week.

If the debtor is cooperative, you can get a simple acknowledgment letter same day. Just needs to state they're the same entity and reference both names with the change date.

Entity type changes are even worse than name changes. Did you have to get new signatures on the security agreement?

Thankfully no, just the UCC amendment. But it delayed our perfection by like 3 weeks while we sorted it out.

That's smart. I never thought about checking for existing UCCs under both names.

Yeah, you might find other creditors who filed under the old name and haven't updated their filings yet. Could affect your priority position.

Exactly. Better to know the full picture before you file your attachment.

Good advice on documentation. I've learned to over-document these edge cases because they always come back to haunt you later.

How long do you typically keep these kinds of files? I'm running out of storage space for all the UCC documentation.

I keep everything until the UCC lapses or gets terminated. Storage is cheap compared to having to recreate documentation if there's a dispute.

Does it work with all states or just certain ones?

It's focused on document consistency rather than state-specific rules, so it works regardless of where you're filing. It's looking for mismatches between your loan docs and UCC forms.

This is the reality of commercial lending. Sometimes you have to file with imperfect documentation and fix it later rather than lose your priority position.

Thanks everyone. Going to file with the current legal name and get the acknowledgment letter from the debtor. Really appreciate all the practical advice on handling this attachment timing issue.

Good point. The old name doesn't just disappear from search considerations overnight.

I usually include a note in the client file about name changes so future searches don't miss anything.