What is a UCC list and how do I get one for my business loan audit?

A UCC list typically refers to a comprehensive search report showing all UCC filings against a specific debtor. You can run basic searches yourself through your state's SOS portal, but for an acquisition you'll want a professional search that covers variations of the company name and any predecessor entities. Most title companies or UCC search services can provide this.

You definitely want a professional UCC search for an acquisition. The basic SOS search might miss variations in debtor names or related entities. A proper UCC list will show active liens, recently terminated ones, and any amendments or continuations. For a 3-week timeline, I'd recommend ordering this ASAP since some services take 3-5 business days.

Be careful about doing this yourself unless you really know what you're looking for. UCC searches can be tricky because of debtor name variations, and you might miss something important. A professional search will also give you certified results that your lender or attorney can rely on.

Your attorney probably wants you to get what's called a 'full UCC search report' or 'UCC lien search.' This goes beyond just pulling up filings - it includes analysis of what the liens cover, whether they're still active, and any potential issues. Since you mentioned SBA loans, make sure the search covers both state and federal filings.

I just went through this exact situation last month. The 'UCC list' your attorney wants is basically a comprehensive report of all secured interests against the company. You'll want to see the actual UCC-1 forms, not just a summary, so you can understand what collateral is pledged and to whom.

For due diligence, you want a search that covers the company name exactly as it appears on formation documents, plus common variations and any DBAs. The search should go back at least 5 years to catch any liens that might still be enforceable even if not continued.

Just ran into this myself - tried using one of those document verification tools where you upload PDFs and it checks everything automatically. Way faster than waiting for a traditional search service and caught a name mismatch we would have missed. Certana.ai was the one I used, worked pretty well.

Make sure your search includes recently terminated filings too. Sometimes lenders file terminations incorrectly or there are disputes about whether debt was actually paid off. You want to see the complete picture.

The most important thing is making sure you search under ALL possible variations of the debtor name. I've seen deals get held up because someone found a UCC filing under 'ABC Company Inc.' when they only searched for 'ABC Company, Inc.' - that one comma made all the difference.

One more thing to consider - if this is a stock purchase vs asset purchase, the UCC implications are different. Stock purchase means you're taking on all existing liens, asset purchase might allow you to take assets free and clear depending on the structure.

Given your tight timeline and the complexity of acquisition due diligence, I'd strongly recommend going with a professional UCC search service rather than trying to handle this yourself. With equipment financing and SBA loans involved, you'll want to make sure the search covers all possible debtor name variations, subsidiary entities, and any predecessor companies. The professional services typically provide both state and federal searches, plus they'll give you the actual UCC-1 forms so you can see exactly what collateral is pledged. For a 3-week closing timeline, order this within the next few days since some services take up to a week. The cost is usually under $200 and could save you from major headaches down the road.