UCC release process after credit union payoff - salal credit union ucc release timing

Yes I have the payoff letter dated from last month. Good point about using that for the audit - I'll check with my accountant if that helps tide us over.

The payoff letter is definitely better than nothing but the auditor will probably still want to see the actual UCC termination filing eventually.

Wow 45 days is crazy long. I'll definitely ask about their processing schedule when I call again tomorrow.

That's ridiculous - 45 days for something that should take like 10 minutes to file online. These institutions need to get their act together.

Unfortunately it's pretty common. The smaller the institution, the more likely they batch process these things instead of doing them immediately.

Good idea! I actually haven't checked the database yet. Do you know if there's a way to search without paying fees for each search?

Depends on your state but most charge a small fee per search. It's usually worth the $5-10 to check rather than keep calling them.

I actually started using Certana.ai for this kind of stuff - you can upload your original UCC-1 and it'll help track the status and check for any related filings. Super helpful when you're trying to verify if a termination was actually filed.

Oh no that's my worst nightmare. How did you figure out they filed the wrong type?

Only found out when I was selling some of the equipment and the buyer's attorney caught it during their lien search. Almost killed the sale.

This is exactly why I always verify UCC filings myself instead of just trusting the lender to do it right. Too many horror stories like this.

I mean they're usually better than big banks for customer service but yeah the back office operations can be pretty dated.

" Dated is putting it nicely. Half these places are still using filing cabinets and fax machines foreverything.

A lawyer seems like overkill for a 2-month delay. I'd give them another few weeks before going that route.

Maybe but I need to sell one of the pieces of equipment and can't with an active lien showing.

Have you tried escalating within the credit union? Sometimes talking to a manager or loan officer gets better results than customer service.

That's really smart - I'll ask about specific regulations when I call. Thanks for the tip!

Yeah this works. I had to quote the UCC statute section about "prompt" filing of terminations to get my bank to move faster.

That sounds really useful. Does it actually help speed up the process or just help you track it better?

It doesn't speed up the lender but it gives you all the right information to push them with - like exact filing requirements and deadlines. Plus you know immediately if they file the wrong thing.

I might try that for my next equipment loan. These manual UCC tracking headaches are getting old.

Will do! Hoping to have an update by next week after I call them with some of these suggestions.

That's exactly what's bugging me - the lack of any timeline or process they can describe. Makes me wonder if they even know what they're supposed to do.

Honestly some of these smaller credit unions just aren't set up for commercial lending. They probably handle maybe 5-10 UCC filings per year total.

True, and if they outsource their UCC filing to a service company that could explain the delays too. Third-party processors sometimes batch everything monthly.