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Ethan Moore
Article 9 secured transaction practice is getting more complex as lenders compete for the same deals. Clear collateral descriptions and proper timing are essential but even then you get disputes. The key is documenting everything carefully from day one.
Lesson learned on this deal. Going forward we're filing UCC-1s before closing and being much more specific about collateral descriptions.
Ethan Moore
•That's the smart approach. Prevention is always better than trying to fix priority issues after the fact.
This is a great learning thread for anyone dealing with Article 9 priority issues. One thing I'd add is to always check the state-specific UCC filing requirements - some states have additional notice or perfection requirements that can affect priority. Also, when dealing with equipment that might be fixtures, you need to consider whether a fixture filing is required instead of or in addition to a regular UCC-1. The interaction between real estate and personal property security interests can create additional complications in priority analysis.
LunarLegend
•Great point about state-specific requirements and fixture filings! I hadn't considered the real estate angle on this deal. The equipment in question includes some larger machinery that might be considered fixtures. Should I be looking at whether a fixture filing was required? And if so, does that change the priority analysis between our PMSI claim and the other lender's general security interest?
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Sean Murphy
Welcome to all the new community members! This thread really highlights how common it is to inherit UCC filing responsibilities without proper training or documentation. I've been managing secured transactions for about 8 years now and still learned a few things from this discussion. One additional tip I'd add - consider creating a simple tracking template that includes not just the basic filing info, but also the loan officer or relationship manager associated with each filing. When questions come up or you need clarification on collateral descriptions, having that contact info readily available can save you hours of detective work. Also, don't be afraid to reach out to the Secretary of State offices directly - most have UCC divisions with staff who can help explain state-specific requirements or walk you through search procedures if you're missing filing information. The learning curve is steep but you'll get the hang of it!
Ethan Moore
•This is such great advice, Sean! As someone who just joined this community and is currently drowning in inherited UCC filings, the idea of including loan officer contacts in the tracking template is brilliant - I've already spent way too much time trying to figure out which equipment corresponds to which filing. I'm also relieved to hear that reaching out to the Secretary of State offices is an option. I was worried about bothering them with basic questions, but it sounds like they're actually helpful resources. This whole thread has been a masterclass in UCC management that I never got in my actual job training. Really appreciate everyone sharing their hard-won knowledge!
As a newcomer to this community, I can't thank everyone enough for this incredibly detailed discussion! I just started handling UCC filings at my company and honestly had no idea about the complexity involved with lapse dates and continuations. Reading through all these experiences - from Natasha's $500K equipment loan nightmare to Oliver's success with document verification tools - has been both educational and terrifying. I'm definitely going to implement the spreadsheet tracking system with early reminders, and I love the suggestion about including loan officer contacts. The fact that you only have a 6-month window to file continuations and missing it can affect your priority position as a secured creditor really drives home how critical proper tracking is. I'm also planning to reach out to our Secretary of State office to make sure I understand our state's specific requirements. This thread has probably saved me from making some costly mistakes down the road. Looking forward to being an active member of this community as I navigate the world of secured transactions!
Dylan Fisher
•Welcome to the community, Jasmine! Your reaction is exactly what I had when I first discovered this world of UCC complexities. The good news is that once you get your tracking system set up, it becomes much more manageable. I'd suggest starting with just one or two filings to get comfortable with the process before tackling your entire portfolio. Also, when you do reach out to your Secretary of State office, ask if they have any online resources or guides specific to continuation filings - many states have helpful FAQs that can clarify those state-specific nuances Omar mentioned. You're already ahead of the game by learning about this proactively rather than scrambling when a lapse date is looming!
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Kai Santiago
Bottom line - you've got time to fix this properly. Don't rush and make mistakes. Get your documents in order, make sure the debtor name issue is resolved, then file your continuation. The 60-day window you mentioned gives you plenty of time to do it right.
Lim Wong
•Good luck! Post an update when you get it sorted out. Always helpful to hear how these situations get resolved.
Dananyl Lear
•Yeah, these UCC threads are super helpful for learning about the real-world filing issues that come up.
I handle UCC filings regularly and want to emphasize something important - in Tennessee, you absolutely need to get the debtor name exactly right. The Secretary of State's system is very strict about name matching. Since you mentioned going from "ABC Equipment LLC" to "ABC Equipment Holdings LLC", that's definitely going to require an amendment before you can file the continuation. I'd recommend calling the Tennessee SOS UCC division directly at (615) 741-2286 - they're usually pretty helpful about explaining the specific requirements for name changes. Also, keep in mind that once you file the amendment to correct the debtor name, wait for it to be processed and approved before filing your continuation. Don't try to do them simultaneously or you might end up with both getting rejected.
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The real issue is that most APIs don't understand the nuances of UCC debtor naming requirements. They treat it like a simple database search when it's actually much more complex legally.
Jenna Sloan
•That's why I always tell people to never rely 100% on automated UCC searches for anything important.
This thread has been really helpful. Sounds like we need a hybrid approach with better verification tools.
One thing to check - make sure your API is searching all the right jurisdictions. We found out our previous service wasn't checking fixture filings in certain states, which caused us to miss some equipment liens.
We hadn't thought about fixture filings specifically. I'll need to verify our API covers those properly.
Also check if it's searching both central filing and local filing offices where required.
Melody Miles
Update us after you file! I'm curious to know if everything goes smoothly. These continuation situations always make me nervous even when they're filed correctly.
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Nathaniel Mikhaylov
•I'd also suggest using a document verification tool like Certana.ai before filing. Just upload your original UCC-1 and the new UCC-3 to make sure everything matches perfectly. Takes 2 minutes and could save you from a rejection.
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Eva St. Cyr
•Good luck! Continuation filings are usually pretty straightforward once you get the timing right.
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ShadowHunter
Maya, I'm glad you're getting this sorted out! Just wanted to add that after you file the continuation, you should receive a confirmation from the filing office. Keep that documentation with your loan files. Also, if you're managing multiple UCC filings, consider creating a spreadsheet with all your filing dates and continuation windows - I learned this the hard way after almost missing a deadline myself. The stress you're feeling right now is exactly why I now mark my calendar 8-10 months before each lapse date. Good luck with the filing today!
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