UCC Document Community

Network with other lenders who might have deals outside their lending parameters. If they can't do a deal due to size, geography, or industry focus, they might refer it to you.

Another free approach is monitoring trade publications and industry newsletters for merger & acquisition announcements. Companies involved in M&A transactions often need bridge financing or working capital loans during the transition, and existing UCCs may need to be restructured. Set up email alerts from industry publications in sectors you're targeting - manufacturing, healthcare, transportation, etc. The deals mentioned are usually substantial enough to warrant UCC filings and the timing gives you a window to reach out before they've locked into financing elsewhere.

Been doing UCC filings for small businesses for years. The accounts definition covers your situation perfectly - restaurant receivables from catering services are classic examples of accounts under Article 9. Your outstanding invoices from corporate clients and convention center contracts all qualify. The definition is intentionally broad to capture most commercial receivables.

The UCC Article 9 definition of "accounts" in section 9-102(a)(2) is actually quite comprehensive for your restaurant situation. It covers "a right to payment of a monetary obligation, whether or not earned by performance, (i) for property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of, (ii) for services rendered or to be rendered..." Your catering receivables, corporate contract payments, and monthly billing arrangements all fall squarely within this definition since they represent payment obligations for food service you've provided. The key thing to remember is that accounts are created when you perform the service and become entitled to payment - whether that's from a one-time catering job or an ongoing corporate contract doesn't change the classification.

Update us when you figure out the best approach! I do a lot of equipment financing in Pennsylvania and always looking for better ways to handle the UCC search process.

I've been doing UCC searches in Pennsylvania for about 3 years now and can definitely relate to the portal frustrations. One thing that's helped me is doing searches during off-peak hours - early morning or late evening when fewer people are hitting the system. Also, for manufacturing equipment deals, I always recommend getting a title insurance policy that covers UCC search errors if the loan amount justifies it. The premium is usually reasonable compared to the potential exposure if you miss something critical.

Just to close the loop - I talked to the bank and they confirmed they want both a UCC-1 filing in Florida AND a search report showing current liens. Thanks everyone for helping me figure this out! The name verification tool someone mentioned sounds really helpful too.

Welcome to the multi-state UCC world! One thing I'd add that hasn't been mentioned yet - if your borrower moves the equipment between states after filing, you might need to refile in the new location within 4 months to maintain perfection. Just something to keep in mind for your loan documentation and monitoring requirements. Also, Florida's UCC search fees are pretty reasonable compared to some other states, so getting both the filing and search done shouldn't break the bank.

Bottom line - UCC filings are for secured creditors only. As an unsecured creditor, your options are limited to traditional collection methods, judgment liens on real estate, and hoping the debtor has assets not covered by existing UCC-1 filings. It's a tough lesson but important for future credit decisions.

One thing that might help in your situation is to look into whether the debtor has any deposit accounts or cash that isn't covered by existing UCC filings. Many lenders don't properly perfect security interests in deposit accounts, which requires "control" rather than just filing a UCC-1 statement. If you can get a judgment quickly, you might be able to garnish bank accounts before other creditors perfect their interests in them. Also consider checking if there are any preferential transfers you could challenge - if the debtor paid other creditors recently while not paying you, that could be recoverable under fraudulent transfer laws.