UCC expiration refiling deadline approaching - stressed about timing

This is so important! I've seen lenders lose their secured position because they waited too long. The continuation filing maintains your original priority date, but a new UCC-1 after expiration gives you a new priority date - you could be subordinate to other liens filed in the meantime.

Wait, I thought you could refile within a certain grace period? Our bank always just refiles expired UCCs...

No grace period exists for UCC filings. Your bank is making a serious mistake. Once expired, the UCC-1 is dead and you start over with a new priority date. That's extremely risky for secured lending.

So would I need to file a UCC-3 amendment to update the name, then another UCC-3 continuation? That seems like double the work and fees.

Depends on your state's SOS rules. Some states allow you to amend and continue in one UCC-3 filing, others require separate transactions. Check your Secretary of State's UCC division website for specific procedures.

I ran into this exact situation last year. Had to verify the debtor's current legal name with the state business registry first, then file the amendment and continuation. It was a mess and cost extra fees, but better than losing perfection.

Never heard of that service but sounds useful. How accurate is it with catching name variations? I've had filings rejected for missing punctuation in business names.

It's been really accurate in my experience. Catches things like missing commas, Inc vs Incorporated, LLC additions, even spacing differences. Much better than trying to manually compare documents and hoping you catch everything.

This is exactly what I needed! I'm dealing with a similar name change situation and was dreading the manual document comparison. Going to check this out.

Good advice. I filed a continuation 3 days before expiration once and it got rejected for a minor error. Had to scramble to refile and barely made it in time. Very stressful.

Why do the SOS systems always seem to go down right when you need them most? Filed a continuation last month and the portal crashed twice during submission.

The portal issues are ridiculous. Sometimes I wonder if it's worth paying a service company to handle UCC filings just to avoid dealing with the state systems directly.

Wait, my UCC-1 was filed March 2020, so it expires March 2025. That means I can start filing the continuation this September? I thought I had to wait until closer to expiration.

Exactly right. The 6-month window opens in September 2024 for your March 2025 expiration. You can file anytime during that window, but I'd recommend filing early to avoid last-minute problems.

I always file continuations immediately when the window opens. Better safe than sorry, especially with large loans like yours.

This! I had a filing rejected because the debtor added a middle initial to their business name that wasn't on the original UCC-1. Had to file an amendment first.

State business registries are usually searchable online. I always pull the current registration before filing any UCC amendments to make sure I have the exact legal name.

Some states are more forgiving than others with name variations, but why risk it? Get the exact name from the official state records.

Good point. They did buy additional equipment last year that's financed under the same loan agreement. Should that be added to the UCC filing?

Check your loan agreement and security agreement. If the new equipment is covered by the same security interest, then yes, you should consider amending the UCC to include it. Better to have broader coverage than to miss something important.

I'd also check if there are any equipment sales or dispositions that should be removed from the collateral description. Keep the filing current and accurate.

Multiple name changes sounds like a nightmare. How long did the verification process take?

Just a few minutes after uploading all the documents. The tool shows you exactly what's different between the original filing and current status. Made the whole process much clearer.

Each state seems to have their own quirks with UCC filings. I keep a checklist for each state I file in because the requirements can be so different.

The fee schedules are different too. Some states charge per page, others have flat fees. Budget accordingly, especially if you need multiple amendments.

Thanks everyone. I'm going to pull the current business registration tomorrow and start working on the name change amendment. Better to handle this properly than risk losing the security interest.

Smart move. UCC filings are too important to leave to chance, especially with larger loans. Take the time to do it right.

Good luck! Come back and let us know how it goes. These continuation situations with name changes can be tricky but definitely manageable if you plan ahead.