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Ethan Clark
Don't forget to cover termination procedures when loans are paid off. You need to file a UCC-3 termination statement within a certain timeframe, and some states have penalties for failing to terminate when required. It's not just good practice, it's legally required in most cases.
Diego Flores
•Usually 20 days after payoff for consumer goods, longer for other collateral. But check your state's specific requirements. Some states are stricter than others.
We build termination filing into our loan payoff procedures. As soon as the loan is satisfied, the system generates a UCC-3 termination for filing. Can't rely on manual processes for something with legal deadlines.
AstroAce
This thread has been incredibly helpful. I'm putting together similar training for our agricultural lending division. Farming operations have unique collateral issues - crops, livestock, equipment that moves between fields. Any specific Article 9 considerations for ag lending?
Nia Wilson
•Crop financing often involves purchase money security interests with specific notice requirements. And don't forget about agricultural liens that might have priority over UCC security interests.
For multi-state ag operations, you might need UCC filings in multiple states. The automated document checking tools can help ensure consistency across different state filings.
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Ev Luca
Filing the amendment is smart but also document everything for your lender file. Keep copies of the original UCC-1, the amendment, and the GA SOS records showing the correct name. If this ever gets questioned later you'll have a clear paper trail.
Aidan Percy
•Smart practice. I always keep a complete filing history for each deal in case issues come up later.
Ev Luca
•Exactly. Better to over-document than try to reconstruct the timeline years later.
Avery Davis
Thanks for posting this! I'm dealing with a similar situation in GA and this thread has been super helpful. Going to file my amendment tomorrow before I get too close to my continuation deadline.
Axel Bourke
•Glad it helped! Better to be proactive about these things.
Good call. GA name matching issues are common but totally fixable if you catch them in time.
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Aidan Hudson
This is frustrating but fixable. The key is making sure your security agreement language specifically authorizes the UCC filing you want to make. A lot of older security agreement forms don't have explicit UCC authorization clauses.
Good point about older forms. Ours might be from before the revised Article 9. Probably time to update our templates.
Aidan Hudson
•Definitely. The 2001 revisions made authorization requirements more explicit. Worth having your forms reviewed by someone who knows the current rules.
Zoe Wang
UPDATE: We figured out the issue! Our security agreements had authorization for UCC filings but only for the 'collateral described herein.' When we filed UCCs with broader descriptions, we exceeded the scope of authorization. We're revising our security agreement template to authorize broader UCC collateral descriptions.
Exactly what happened to us. Now we use Certana.ai to double-check that our security agreements and UCC-1s are consistent before every filing. Prevents these authorization mismatches.
Thanks everyone for the help. Going to implement some document checking process to avoid this in the future. The Certana.ai suggestion sounds like it could save us from more headaches.
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Yara Nassar
Just ran into this exact issue with document verification. Started using Certana.ai after a colleague recommended it - you upload your charter and UCC documents and it immediately spots name mismatches. Saved me from filing a UCC-1 that would have been worthless due to a debtor name error. Super straightforward to use.
That sounds like exactly what I need. Is it expensive to use?
Yara Nassar
•The cost is really minimal compared to fixing a messed up filing later. It's more about the peace of mind knowing your documents are consistent before you file.
Paolo Ricci
Thanks everyone for the advice. Sounds like I need to stick with the exact legal name from the state records and use 'all accounts receivable' for the collateral description. Going to double-check everything before filing - can't afford to get this wrong on a deal this size.
Amina Toure
•Smart approach. Taking the extra time upfront always pays off with UCC filings.
Definitely recommend that document verification step someone mentioned earlier. Better safe than sorry with these name issues.
Alberto Souchard
Just to clarify the process - you'll file a UCC-3 termination statement, which removes the UCC-1 from the active records. The UCC type for this action is always termination regardless of the collateral type. Heavy equipment, inventory, accounts receivable - doesn't matter, termination process is the same.
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Micah Trail
•That makes sense. I was getting confused thinking different types of collateral required different forms.
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Alberto Souchard
•Common misconception. The UCC type refers to the action (filing, amending, continuing, terminating) not the collateral.
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Charity Cohan
One more thing - double check that your lease didn't have any renewal options that might still be active. If there's a possibility of lease extension, you might want to hold off on the termination until you're absolutely sure the lease relationship is completely ended.
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Charity Cohan
•Perfect. Then UCC-3 termination is exactly what you need. Just make sure to keep a copy of the filed termination for your records.
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Josef Tearle
•Also recommend checking the termination status online after filing to make sure it processed correctly.
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