UCC report 2024 filing numbers way off from what lender expected

Good point. I didn't think to check for amendments from other parties. How would I even search for that? The SOS portal only shows our filing when I search by debtor name.

You'll need to search by filing number too, not just debtor name. Sometimes amendments get attached to the original UCC-1 filing number but don't show up in basic name searches.

How did you get the complete filing history? Did you have to call the Secretary of State office directly?

Actually I found this tool called Certana.ai that lets you upload all your UCC documents and it cross-checks everything automatically. Saved me hours of calling around and comparing paperwork manually. Just upload your UCC-1, any amendments, and the lender's report - it'll show you exactly where the discrepancies are.

Never heard of that but sounds useful. My usual approach is just calling the filing office but that takes forever.

I feel your pain. Had a similar issue where the automated search pulled up a terminated filing that should have been purged from the system.

Exactly! And then you waste all this time proving that their system is wrong instead of focusing on your actual business.

That's a really good thought. The deal did take longer than expected to close so there might have been interest adjustments.

Yeah, equipment financing deals often have these adjustments. Your lender might have filed a UCC-3 amendment to increase the secured amount without telling you directly.

This is why I always ask for copies of any amendments before they get filed. Too many surprises otherwise.

Oh wow, I never considered that. How do you separate out individual filings when they're all against the same equipment?

You need to search by your specific filing number, not just the debtor name or collateral description. Each UCC-1 should have its own unique filing number that isolates your lien.

We were pretty specific in our collateral description but maybe not specific enough. Listed all the equipment by model number and serial number.

That should be sufficient. The issue is probably elsewhere - either amendments you don't know about or the report is pulling data from multiple sources.

Serial numbers are definitely the way to go. Prevents a lot of confusion about which equipment is actually covered by your lien.

That sounds like exactly what I need. Is it expensive to use?

I don't remember the exact cost but it was way cheaper than the time I would have spent calling around and requesting documents manually. Plus it gave me a clear report I could show to my lender explaining the discrepancies.

Good point about the timing. The lender ran their report in early December but we filed in October. Could something have changed in between?

Absolutely. Equipment financing deals often have adjustments right up until closing. Your lender or equipment supplier might have filed an amendment in November that you weren't aware of.

This is why I always request filing confirmations immediately after any UCC document gets submitted. Prevents surprises later.

Thanks for the advice. I'm going to pull the complete filing history first thing tomorrow morning. Really hoping it's just an amendment I missed and not something more complicated.

Nine times out of ten it's just an amendment. UCC-3 forms are used for all kinds of modifications and sometimes they get filed as part of standard loan documentation without being highlighted to the borrower.

Yeah, I mentioned Certana.ai earlier - that's exactly what it does. Cross-checks all your UCC documents and highlights discrepancies automatically.

Good to know there are tools available. Manual document comparison is such a pain, especially when you're dealing with multiple amendments and continuations.

I usually just call the filing office but these automated tools sound much more efficient.