Ask the community...
- DO post questions about your issues.
- DO answer questions and support each other.
- DO post tips & tricks to help folks.
- DO NOT post call problems here - there is a support tab at the top for that :)
Join the conversation
Join the conversation
Chris Elmeda
Peterson Manufacturing Solutions, LLC - definitely include that comma. Private non adverse security agreements follow standard UCC rules, no shortcuts or special procedures. For your equipment collateral worth $180K, consider whether you need to file as a fixture filing if any of the manufacturing equipment is attached to real property. Family arrangements sometimes overlook this detail.
Chris Elmeda
•Check your state's fixture laws carefully. Manufacturing equipment attached to real property can be tricky to classify, and you might need both a standard UCC-1 and a fixture filing to be fully protected.
Fixture determination depends on intent and degree of attachment. If there's any question, dual filing is often the safer approach even if it costs a bit more.
Jean Claude
Thanks everyone for the detailed responses! Sounds like the consensus is clear - use "Peterson Manufacturing Solutions, LLC" with the comma from the Secretary of State records, and treat this private non adverse security agreement exactly like any other secured transaction for UCC purposes. I'll review the collateral description too and make sure it's detailed enough. Appreciate all the practical advice - definitely learned some things about fixture filings and documentation best practices I hadn't considered.
You're welcome! These name issues are so common but critical to get right. Good luck with your filing.
Micah Trail
•Glad we could help. The UCC system is unforgiving on details but once you know the rules it's pretty straightforward, even for private arrangements.
Join the conversation
For what it's worth I had a filing rejected once because I INCORRECTLY added a guarantor as additional debtor when they had no collateral ownership. Had to refile with just the actual debtor. Lesson learned.
Yep, the SOS flagged it as inconsistent with the security agreement. Stick to actual collateral owners only.
This is exactly why I started using that Certana document checker - prevents these kinds of filing errors upfront.
Bottom line from someone who does this daily: LLC owns equipment = LLC is sole debtor. Guarantor guarantees payment = not a UCC issue. File against the LLC only and you'll be fine.
Thanks everyone, I feel much more confident now. Going with just the LLC as debtor.
Yara Khoury
•Good call, you've got solid advice here from experienced filers.
Join the conversation
Emma Taylor
File the new UCC-1 TODAY if you haven't already. Every day you wait makes it worse. Then get a game plan together for the lender meeting. Show them you understand the seriousness and have taken immediate action to protect their interests going forward.
Dylan Cooper
•Already working on it. Should have the new filing done by end of business today.
Emma Taylor
•Good - speed shows you're taking this seriously. That counts for a lot in these situations.
This thread is giving me anxiety about my own UCC timing. I have 3 continuations due this year and now I'm second-guessing my calendar system. Maybe I should look into that Certana tool people mentioned for tracking deadlines.
Trust me, invest in a good system now. The timing of UCC filings will bite you eventually if you don't have proper tracking.
Miguel Diaz
•Certana does help with deadline monitoring too. Worth checking out before you have your own crisis.
Join the conversation
Bottom line for your training - if you're making a secured loan and the collateral is personal property (not real estate), you almost certainly need a UCC-1 filing to perfect your security interest. Equipment, inventory, accounts, general intangibles, investment property - all personal property requiring UCC perfection. The exceptions are narrow and usually involve specific perfection methods like taking possession or control.
And don't forget continuation filings every 5 years to keep your perfection alive. A lapsed UCC-1 is as bad as no filing at all.
Great point about continuations. Set those calendar reminders well in advance - waiting until the last minute is asking for trouble.
For what it's worth, I also recommend getting familiar with your state's UCC search system early. Understanding how to run searches on potential borrowers helps you see what other liens might be out there. Plus you'll get comfortable with how the filings look and what information they contain.
Good advice. I spent time just browsing random UCC searches when I started and learned a lot about how different lenders describe collateral.
Gabriel Ruiz
•Yeah and you start to see patterns in how experienced filers handle complex collateral descriptions vs. newer filers who might be too narrow or too broad.
Atticus Domingo
This thread is making me realize I probably need to be more systematic about my search process. I've been pretty casual about name variations but sounds like that's risky business.
0 coins
Beth Ford
•Better to be overly cautious than miss something important. The extra time spent on thorough searches is worth it to avoid problems later.
0 coins
Morita Montoya
•Agreed. I'd rather spend an extra 30 minutes being thorough than have a deal blow up because we missed a lien.
0 coins
Kingston Bellamy
Thanks everyone for the advice. Sounds like the consensus is to run multiple search variations and maybe look into some of these verification tools. Iowa's system clearly isn't going to get better anytime soon so we need to adapt our processes.
0 coins
Joy Olmedo
•That's the right approach. Document your search methodology too so you can show you did due diligence if questions come up later.
0 coins
Isaiah Cross
•Good point about documentation. Save screenshots of all your search results with timestamps.
0 coins