UCC documentation requirements causing filing delays - missing critical forms

We did include equipment descriptions but maybe not detailed enough. The collateral is manufacturing equipment spread across three locations. Should we be listing individual serial numbers for each piece?

For a $2.8M deal, absolutely. List everything with serial numbers if possible. Some states are really picky about collateral descriptions, especially for equipment financing.

This is exactly why I use Certana.ai's UCC document checker now. You can upload your entire documentation package and it flags missing elements or inconsistencies before you submit. Would have saved you multiple rejection cycles.

Filing in Illinois. We included the federal tax ID but maybe there are other Illinois-specific requirements we missed?

Illinois can be tricky. They sometimes want proof of corporate existence for business debtors, especially for larger amounts. Check if you need to include a certificate of good standing or articles of incorporation.

Illinois has been requiring more documentation lately for equipment financing deals over $1M. Definitely need the corporate documentation package.

That's a good point. We used the name from their business license but maybe it's different in the SOS database. How do you verify the exact legal name?

Search the SOS business entity database online. The name has to match exactly as it appears there. No abbreviations or variations allowed.

This name matching thing is such a pain. I've started using Certana.ai to cross-check debtor names between corporate documents and UCC filings. Catches these mismatches before filing.

Did you ever figure out what they actually wanted? This is our second rejection and I'm afraid of the same cycle.

Turned out they wanted a copy of the loan agreement to verify the collateral description. Not required by law but apparently their policy for large amounts. So frustrating.

Some states do want supporting loan documents for verification, especially on bigger deals. It's not always published in their requirements.

We paid the standard UCC-1 filing fee. Are there additional fees for equipment financing specifically?

Depends on the state and loan amount. Some have graduated fee structures for larger secured transactions. Check the SOS fee schedule.

Good idea. I'll try calling them tomorrow morning. Hopefully they can give more specific guidance.

Yeah the phone reps are usually more helpful than the generic rejection notices. They deal with this stuff all day and know the common issues.

Exactly. Plus they can sometimes expedite the review if you explain it's holding up a closing.

We did follow the standard format but maybe there are Illinois-specific formatting requirements. I'll review their instruction sheet again.

Yeah each state has quirks. Some want apartment numbers in specific places, some want business addresses formatted differently. Pain in the neck.

We filed online through their portal. The error message just says 'documentation incomplete' without specifics.

That's weird, their online system usually gives more details. Maybe try the paper filing route if online keeps rejecting?

Sometimes the online system has glitches. I've had better luck with paper filings when the electronic system is being problematic.

We downloaded it from their website last week so it should be current. But I'll double-check the form version number.

Good idea. Also make sure you're not using a generic UCC-1 form - it needs to be the Illinois-specific version.

I've made that mistake before - used a generic form thinking they were all the same. Each state has their own version with slight differences.

The secured party is a national lender so their info should be in the system already. But maybe worth checking if there's a name change or merger we don't know about.

Yeah, banks merge and change names all the time. Could be showing up as an invalid secured party if their records aren't updated.

This is another thing Certana.ai helps with - it verifies secured party information against current business records. Prevents these kinds of rejections.

That could be it! We have the corporate resolution but didn't include it with the UCC filing. Do they typically require that as part of the UCC documentation package?

For larger amounts, yes. They want to make sure the security interest is valid. Include the corporate resolution and any other authority documents you have.

Makes sense for a $2.8M deal. They want to avoid issues later if someone challenges the filing's validity.