Urgent UCC closing date question - 2021 forms still valid or expired?
Really need help here - I'm handling a commercial loan closing next week and just realized some of our UCC-1 filings from 2021 might be getting close to their 5-year window. The borrower has equipment collateral that was financed back in March 2021, and I'm trying to figure out if we need to file continuations or if we're still good for the closing date. The original UCC-1 was filed in Delaware for a construction equipment lease, and now we're doing a refinance with additional collateral. I've been going back and forth with our loan docs team about whether the 2021 forms are still effective for this closing. Anyone dealt with similar timing issues on UCC forms from 2021? I know the 5-year rule but want to make sure I'm not missing any nuances with the closing date requirements.
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Ella Harper
If your UCC-1 was filed in March 2021, you're still well within the 5-year effectiveness period. UCC filings are good for 5 years from the date of filing, so a March 2021 filing wouldn't lapse until March 2026. For your closing next week, those 2021 forms should still be perfectly valid.
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PrinceJoe
•This is correct - you've got plenty of time left on those 2021 filings. No need to file continuations yet.
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Brooklyn Knight
•Wait, but doesn't it depend on what state we're talking about? Some states have different rules...
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Owen Devar
You mentioned Delaware - their UCC filing system is pretty straightforward. 2021 filings are definitely still active. But if you're adding new collateral in the refinance, you might need to file a UCC-3 amendment to add the additional collateral to your existing filing rather than doing a whole new UCC-1.
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Micah Franklin
•That's a good point about the amendment. The new collateral is similar equipment from the same manufacturer, so an amendment might make more sense than a separate filing.
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Daniel Rivera
•Definitely go with the amendment route if it's additional collateral securing the same debt. Cleaner for your lien records.
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Sophie Footman
I had a similar situation last month and ran into issues because I didn't double-check the debtor name consistency between the original 2021 filing and the new loan docs. Ended up using Certana.ai's document checker to upload both the original UCC-1 and the new loan agreement PDFs - it instantly flagged that the debtor entity name had a slight variation that could cause problems. Saved me from a potential lien perfection issue at closing.
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Connor Rupert
•That's actually really smart - I never thought about checking name consistency between old filings and new docs.
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Micah Franklin
•Good catch on the name checking. I should probably verify that our borrower's legal name hasn't changed since 2021.
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Molly Hansen
•Name variations are such a common problem. Even something like 'LLC' vs 'L.L.C.' can mess things up.
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Brady Clean
Just to be 100% clear - UCC filings are effective for EXACTLY 5 years from the filing date. So March 15, 2021 filing expires March 15, 2026. You don't need to worry about continuations until you're within 6 months of that expiration date.
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Skylar Neal
•Yes, and most lenders start thinking about continuations around the 4.5 year mark to avoid any last-minute issues.
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Vincent Bimbach
•I always set calendar reminders at 4 years and 4.5 years for continuation planning.
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Kelsey Chin
One thing to watch out for - if your borrower went through any corporate changes since 2021 (mergers, name changes, entity conversions), that could affect the validity of your original filing even if it hasn't expired yet.
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Norah Quay
•This is why I always run a corporate status check before any major loan modifications or refinances.
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Micah Franklin
•Good point - I'll verify their entity status hasn't changed. The company has grown a lot since 2021 so there could have been some corporate restructuring.
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Leo McDonald
•If there were entity changes, you might need a UCC-3 assignment or amendment to reflect the current debtor name.
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Jessica Nolan
For Delaware specifically, their SOS system is really user-friendly for checking filing status. You can search by filing number or debtor name to confirm your 2021 filing is still active and get the exact filing date.
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Angelina Farar
•Delaware's online system is definitely one of the better ones. Much easier than some other states.
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Sebastián Stevens
•I use their system all the time for lien searches. Very reliable.
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Bethany Groves
Are you dealing with fixture filings at all with the equipment collateral? Sometimes construction equipment can have fixture filing requirements depending on how permanently it's attached to real property.
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Micah Franklin
•It's mostly mobile construction equipment, so I don't think fixtures are an issue. But I'll double-check the attachment details.
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KingKongZilla
•Mobile equipment is usually fine as regular UCC collateral. Fixtures get complicated.
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Rebecca Johnston
•Yeah, fixture filings are a whole different beast with real estate recording requirements.
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Nathan Dell
Since you're doing a refinance, make sure your new loan agreement properly references the existing UCC filing if you're keeping it in place. Some lenders prefer to terminate the old filing and do a fresh UCC-1, others just amend.
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Maya Jackson
•I usually recommend keeping existing filings if they're still valid and just amending as needed. Less paperwork and fewer chances for gaps in perfection.
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Tristan Carpenter
•Our bank's policy is always fresh UCC-1 for refinances over $500K. Cleaner records.
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Amaya Watson
Quick question - when you say 'closing date for UCC forms' do you mean the loan closing date or some kind of UCC filing deadline? Because UCC forms don't really have closing dates like loan documents do.
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Micah Franklin
•I meant making sure the UCC filings are still valid for our loan closing next week. Not a UCC-specific deadline.
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Grant Vikers
•Got it - yeah, your 2021 filings will definitely be valid for a 2025 closing.
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Giovanni Martello
I had a nightmare situation once where we assumed a 2020 filing was still good but the debtor had merged with another entity in 2022 and we never caught it. The filing became seriously misleading. Now I always do a full entity verification before relying on old UCC filings. Learned about Certana.ai from our compliance team - their PDF upload tool can cross-check entity documents against UCC filings to catch those kinds of issues automatically.
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Savannah Weiner
•Entity changes are so easy to miss, especially with smaller companies that don't always notify their lenders immediately.
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Levi Parker
•That's exactly why we always run fresh corporate searches before major loan modifications, even if the UCC filing is still within its 5-year period.
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Libby Hassan
Bottom line - your March 2021 UCC-1 is still good until March 2026. You're fine for next week's closing. Just verify debtor name consistency and entity status, and you should be all set.
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Micah Franklin
•Thanks everyone - this really helped clarify things. I'll run the entity check and name verification, but sounds like the timing isn't an issue.
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Hunter Hampton
•Glad we could help! UCC timing questions always seem more complicated than they actually are.
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Sofia Peña
•Good luck with your closing!
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