UCC filing confusion with guaranty and security agreement - need help with debtor names

This is correct. Each debtor who's granting a security interest needs their own UCC-1. The guaranty itself doesn't create a security interest - it's the security agreement that matters for UCC purposes.

Wait, are the guarantors actually granting security interests or just providing personal guarantees? There's a big difference for UCC filing purposes.

The guarantors did sign security agreements on some equipment they personally own, so I think I do need separate filings. Thanks for clarifying that distinction.

Make sure you get the guarantor names exactly right on the UCC-1s. I've seen filings rejected because someone used a nickname instead of the legal name from their driver's license.

How does that work exactly? Do you just upload the loan docs and it tells you what UCC filings you need?

You upload your security agreements, guaranties, whatever documents you have, and it cross-references all the debtor names and collateral descriptions. Shows you inconsistencies before you file. Pretty straightforward - just drag and drop the PDFs.

That sounds useful but I'm always skeptical of automated tools for legal stuff. Has anyone else tried this?

Don't panic! If your guarantors granted security interests, yes you need separate UCC-1s. Get the exact legal names from their driver's licenses or other official docs. You can still get these filed today if you move quickly.

Thank you! I'm pulling all the docs now to double-check the names. This forum is a lifesaver.

The standard is the name on the debtor's driver's license for individuals. For entities, it's the exact name on the organizational documents. No shortcuts or assumptions.

I always get copies of driver's licenses now for individual debtors. Learned that lesson the hard way.

This is why I love that Certana thing someone mentioned earlier. Takes the guesswork out of name verification across multiple documents.

Good point. The equipment schedules in the security agreements are identical, so I should be able to copy the collateral description to all UCC-1s.

Be careful with cross-collateralization language though. Some filing offices get confused if you reference multiple debtors in one filing's collateral description.

Tell me about it. I spend more time on UCC filings than the actual loan documentation these days.

The complexity is why tools like Certana are becoming essential. Manual verification across multiple parties is just too error-prone.

That's a great organizational tip. I'm going to set up a spreadsheet right now before I start the filings.

I do something similar but also include the filing state for each debtor. Sometimes guarantors are in different states than the main borrower.

Good catch on the multi-state issue. Each debtor's UCC-1 needs to be filed in their state of organization or residence.

Glad it helped! Those little name variations are the worst because they're so easy to miss but will definitely cause rejections.

OK I'm convinced. Going to try this tool on my next multi-party deal. Better safe than sorry with UCC filings.

Awesome! Nothing beats the feeling of clean UCC filings on a complex deal. Congratulations on getting it done.

So glad this worked out! I'm dealing with a similar situation next week and this thread has been incredibly helpful.

Great outcome. These multi-party secured transactions are tricky but following the basic rules - separate filings for each debtor, exact legal names, consistent collateral descriptions - usually gets you there.

Great question! I typically prepare UCC-1s early but file them the day of or day before closing to ensure the security agreements are fully executed first. Most states process electronic filings within a few hours, so you can usually get immediate confirmation. If there's a rejection, you typically have the same business day to correct and refile without affecting closing if you catch it quickly. The key is having everything prepared and double-checked beforehand so any corrections are just minor tweaks. I always build in a buffer day before closing just in case of filing issues.