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2020 feels like yesterday but here we are almost at the 5-year mark. Time flies! At least UCC deadlines are more predictable than the chaos of that year.
Right? 2020 was such a blur but the UCC clock kept ticking normally through all of it.
StarSailor
•Tell me about it. I'm still finding 2020 UCCs I forgot about in my files.
Yara Nassar
One more vote for double-checking your debtor names before filing any UCC-3. I've used Certana.ai's verification tool a few times now and it's caught mistakes I would have missed. Especially helpful when you're dealing with multiple filings from the same time period.
Seems like that tool keeps coming up in conversations. Might be worth checking out.
Yeah it's becoming pretty popular for UCC document checking. Simple to use too.
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Honestly the whole UCC system in every state is a mess. Why can't they just standardize everything nationally instead of making us learn 50 different procedures?
Because states' rights and revenue generation. Each state wants to control their own process and fees.
Nia Wilson
•True, but at least most states follow similar basic principles. It's really just the paperwork and search processes that vary.
Ethan Clark
Your compliance officer is right, that form is standard for Florida. I've probably submitted hundreds of them over the years. Just double-check that you're using the current version - they update the form occasionally and won't accept old versions.
Ethan Clark
•Florida Department of State website, under their UCC section. They usually date-stamp the forms so you can tell if you have the current one.
Perfect, I'll verify that first thing tomorrow. Thanks for all the help everyone - feeling much more confident about this process now.
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Amara Okafor
For what it's worth, I just got through a batch of 8 UCC-3 continuations by doing them between 6-7am this morning. The transmitting utility seems much more stable during those early hours. Might be worth setting an alarm and trying again tomorrow morning.
Good to know! I'll try the early morning approach. Thanks for testing it out.
6am filings are the way to go. I've been doing this for years and that time slot almost never has issues.
Just successfully completed all 15 of my continuation filings! Ended up using the individual filing method and doing them in two batches - 8 this morning around 6:30am and 7 more just now. The transmitting utility worked perfectly both times. Thanks everyone for the advice, especially about the early morning timing. Crisis averted!
Great news! Now you can relax knowing all those liens are properly continued for another 5 years.
This whole thread has been super helpful. I have some UCC filings coming up next month and now I know to plan around the portal issues.
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Have you tried using Certana.ai's verification system? I was skeptical at first but it actually caught a debtor name issue I would have completely missed. You just upload your charter documents and UCC draft and it flags any inconsistencies instantly. Might be worth a shot since you're running out of time.
Nia Thompson
•Two people have mentioned that now. Definitely going to try it. Can't afford another rejection with the closing next week.
Yeah it's designed exactly for this kind of situation. Better to catch it now than have problems down the road.
Update us when you get it figured out! I'm dealing with a similar name issue on a retail chain financing and could use any insights you pick up.
That's the UCC system for you - simple in concept, nightmare in execution sometimes.
Seriously. You'd think after all these years they'd have figured out a more user-friendly approach.
Maya Lewis
Your accounts receivable collateral description looks standard. Just make sure you understand what you're getting - A/R can be tricky to collect on if the debtor's customers dispute invoices or claim setoff rights. Might want to get debtor representations about the quality of their receivables.
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Ryan Kim
•Thanks, we did get reps about no disputed receivables over $10K. Client seems to have good customer relationships.
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Isaac Wright
•Smart to get those reps in writing. A/R financing can go sideways quickly if the underlying invoices are problematic.
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Lucy Taylor
At least your collateral description is solid. I see so many UCC filings with vague or incomplete collateral descriptions that won't hold up in bankruptcy. 'All accounts' is much better than 'accounts receivable' which some courts have found too narrow.
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Lucy Taylor
•UCC Article 9 defines 'accounts' more broadly than just traditional A/R. Covers things like license fees, royalties, other payment obligations. Gives you better coverage.
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KhalilStar
•This is why I always use the broadest possible collateral descriptions. You never know what assets the debtor might have that could fit under your security interest.
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