UCC expiration tracking system crashed - missed 3 continuations this month

This is exactly why I check our continuation dates manually every month even though we have automated tracking. Systems fail at the worst possible times.

Wait, can't they file a corrective continuation and argue it was a system error? I thought there were some grace period exceptions for technical failures.

No grace periods for missed continuation deadlines unfortunately. The UCC is pretty strict about the 6-month window before expiration. A corrective filing only works if you filed something within the proper timeframe but made an error.

What loan management system are you using? Ours clearly isn't cutting it if it can't handle a simple server outage.

We're on nCino but honestly the UCC tracking module is pretty basic. The Excel backup is what saved us when their alerts stopped working during a system update.

That sounds useful. Does it integrate with loan management systems or is it standalone?

It's web-based so you can access it separately, but you can export the tracking data to import into other systems. The PDF upload feature is really convenient - just drag and drop your UCC filings and it extracts all the key dates automatically.

Another vote for having multiple tracking methods. We learned this lesson the hard way too but with continuation filings thankfully, not lapses.

Already ordered the lien searches this morning. Fingers crossed no one else filed during our dark period.

Good move. And document everything about the system failure for your files. If there are intervening liens and you end up in litigation, having a clear record of what happened might help with damage mitigation.

I actually keep a paper backup calendar for exactly this reason. Mark all the continuation dates in red ink. Old school but it works.

Paper backup is smart but with hundreds of UCC filings it gets unwieldy. We need better digital solutions that don't fail when we need them most.

Great point. I'll call our insurance broker this afternoon. Never thought about E&O coverage for UCC lapses but it makes sense.

Definitely worth exploring. Some policies have specific exclusions for administrative errors but others might cover system failures. The distinction could be important here.

Also check if your loan management software vendor has any liability coverage for system outages that cause compliance failures. Probably a long shot but worth asking.

Triple redundancy is the way to go with UCC tracking. Too much at stake to rely on a single system.

What do you use for the quarterly audits? Manual review or some kind of automated tool?

Combination of both. We pull a report of all active filings and manually verify a sample, then use search tools to confirm they're still on file with the Secretary of State.

You're right, it could have been worse. Already preparing the new filings. Lesson learned about backup systems.

Always file sooner rather than later when you discover lapses. Every day that passes is another opportunity for someone else to get priority.

Second person to mention Certana.ai today. Definitely going to look into it as part of our new redundancy plan.

The name matching feature is clutch. Caught a debtor name discrepancy between our loan docs and UCC filing that could have caused issues down the road.

Smart move. Better to be paranoid about UCC tracking than sorry later. The stakes are too high to be casual about it.

Same here. Reading this made me immediately check our next batch of continuation deadlines. All good for now but definitely implementing some backup checks.