UCC file pull showing wrong debtor information - need help fast

We're in Ohio. The existing UCC-1 was filed here and our new loan docs are also Ohio-based. Really hoping this isn't going to derail everything.

Ohio is generally reasonable about punctuation. I'd still double-check with a UCC search to see if there are any other variations filed, but you're probably okay.

I pulled the actual filed document. It's definitely showing 'ABC Manufacturing LLC' without the comma. The signature page of our credit agreement clearly shows 'ABC Manufacturing, LLC' with the comma.

This is exactly why I always verify document consistency before closing. A single punctuation mark can create issues down the road with lien priority.

That sounds helpful. Did it tell you what to do about the discrepancies it found?

It flagged the issues and I was able to file a UCC-3 amendment before closing. Much better than discovering problems after the fact.

Never heard of that tool but sounds useful for file pulls. I usually have to manually compare everything which takes forever.

We're not filing a new UCC-1, we're taking an assignment of the existing one from the previous lender. That's why the name mismatch is a problem.

Ah, that changes things. For an assignment, you definitely want the names to match exactly between all documents. I'd recommend filing a UCC-3 amendment to correct the debtor name before taking the assignment.

I feel your pain but it's really not that complicated once you know the rules. The system actually works pretty well when people follow the naming conventions.

Easy for you to say. I've had filings rejected for the dumbest reasons. Last month got rejected because I used 'Inc.' instead of 'Incorporated' even though both were on the company's charter.

Good point. I'll pull their Ohio SOS records to see exactly how the name is filed there.

That's the best approach. Always go back to the source documents when there's a name discrepancy on a file pull.

What kind of other inconsistencies did it find?

Found a zip code difference in the address and a slight variation in how the collateral was described. Small stuff but important for perfection.

Those details matter more than people think. I've seen liens get challenged over address discrepancies.

I only searched under the name in our loan docs. Should I search under the name from the original filing too?

Definitely. You want to see the complete picture of what's filed against the debtor. There might be other liens you need to know about.

This is basic due diligence stuff. Always do comprehensive searches when you're taking assignments.

That's way worse than a name issue. You need to file that continuation ASAP or you'll lose perfection entirely.

I know, I'm filing it today. Just wish I'd caught it sooner during my file pull review.

That's what I'm leaning toward. Better safe than sorry on a deal this size.

Smart move. $20 for the amendment vs potential issues with a $2.3M loan? No brainer.

Exactly. I always tell clients to fix any discrepancies found during file pulls, even if they seem minor.

Glad it worked out! That tool is a lifesaver for catching stuff you might miss in manual reviews.

Good to hear a success story. Those file pull discrepancies can be stressful when you're under a closing deadline.

This whole thread convinced me I need to be more careful with my UCC file pulls. Never realized how many little details could trip you up.