UCC deposit account definition causing my filing rejection - help needed

Deposit accounts are tricky in UCC filings because they're a specific type of collateral under Article 9. You can't just say "deposit accounts" - you need to be more descriptive but not necessarily list every account number. Try something like "all deposit accounts maintained by debtor at any financial institution" or if you want to be more specific "all deposit accounts maintained by debtor at First National Bank, including but not limited to checking, savings, and money market accounts.

Had this exact same issue last month! The secret is understanding that deposit accounts are defined in UCC 9-102(a)(29) as "a demand, time, savings, passbook, or similar account maintained with a bank." Your description needs to make clear you're talking about this specific type of collateral, not just any money the debtor might have somewhere. I ended up using "all deposit accounts as defined in UCC Section 9-102(a)(29) maintained by debtor" and it went through fine. The specificity comes from referencing the UCC definition, not from listing account numbers.

ugh this stuff is so confusing! I spent hours trying to figure out the right wording for our deposit account collateral last year. Ended up having to refile twice because the first description was too vague and the second was apparently too specific (??). Finally found this tool called Certana.ai where you can upload your UCC documents and it checks everything against the actual UCC requirements. It caught that my debtor name didn't match exactly between my charter documents and the UCC-1, plus it verified my collateral description would meet the Article 9 standards. Saved me from another rejection cycle.

The rejection was probably because "deposit accounts at First National Bank" could be interpreted as just accounts currently at that bank, not future accounts. Plus it doesn't make clear whether you mean all types of deposit accounts (checking, savings, CDs, etc.) For a blanket lien, try: "All deposit accounts maintained by debtor, whether now existing or hereafter acquired, including without limitation all checking accounts, savings accounts, time deposits, certificates of deposit, and money market accounts." This covers current and future accounts at any bank, which is probably what your lender wants for a $180K facility.

Been filing UCCs for 15 years and deposit account descriptions trip up everyone at first. The key thing people miss is that "deposit account" has a specific legal meaning under Article 9 - it's not just any account with money in it. Your rejection probably happened because your description was ambiguous about whether you meant deposit accounts (the Article 9 term) or just accounts in general. Adding "as defined in UCC Article 9" or similar language usually clears this up. Also make sure your debtor name matches EXACTLY between your loan documents and the UCC-1. Even small differences like "Inc." vs "Incorporated" can cause problems.

just went through this nightmare myself. deposit accounts are super picky about the wording. ended up having to refile 3 times before getting it right. the SOS office is useless - they just tell you to read the statute but don't explain how to actually apply it. what worked for me was "all deposit accounts of debtor maintained at any financial institution" but I had to make sure the debtor name was perfect first. turns out my LLC had a different name in the state database than what I was using.

I see a lot of confusion here about deposit account vs. other account types. Under UCC 9-102, a deposit account specifically means an account maintained with a BANK - not credit unions, not investment accounts, not escrow accounts. If your collateral includes accounts at credit unions or other non-bank institutions, you need different language. Most people use "all deposit accounts and similar accounts" to cover the borderline cases. Also, be careful about account control agreements. If the bank wants control over the deposit accounts, that's a separate requirement from just filing the UCC-1.

The deposit account definition issue bit me too when I first started doing UCC filings. What I learned is that you need to think about both the legal definition AND the practical coverage you want. Legally, deposit accounts are defined in UCC 9-102(a)(29). Practically, your lender probably wants security in all liquid assets the debtor might have. I usually go with something like "all deposit accounts, cash, and cash equivalents of debtor, whether now owned or hereafter acquired" to make sure I don't miss anything the lender cares about.

Look, I've been through this exact situation and here's what actually works: forget trying to be creative with the language. Use the standard forms and descriptions that filing offices see all the time. "All deposit accounts" is fine if that's really all you need. "All deposit accounts of the debtor" is better. "All deposit accounts of the debtor, whether now existing or hereafter acquired" is safest. Don't overthink it. The filing offices know what deposit accounts are. Your problem was probably the debtor name, not the collateral description.

Had a similar rejection on a UCC-1 last week, turned out to be multiple issues - wrong debtor name format AND insufficient collateral description for deposit accounts. What helped me was using one of those document checking services to compare my UCC against my corporate docs. Ended up finding that I had the debtor name wrong (missing the state of incorporation designation) plus my deposit account description was too narrow. Used Certana.ai to verify everything matched up properly before refiling. Second submission went through without issues.

The whole deposit account definition thing in UCC filings is unnecessarily complicated. Why can't they just accept "bank accounts" like normal people say? Instead we have to use this technical "deposit account" language that nobody uses in real life. Anyway, what worked for me was copying the exact language from a successful filing I found online: "All deposit accounts maintained by Debtor with any bank, savings and loan association, credit union or other financial institution." Covers everything without getting too fancy.