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Just a heads up - some states have moved to electronic filing only and the systems can be really particular about formatting. Make sure you're using their current forms and requirements, not something you downloaded months ago.
Yeah, I learned that lesson the hard way when my filing got rejected for using an outdated form version.
Paolo Ricci
•This is another thing Certana's tool helped with - it flagged that I was using an old form template and directed me to the current one.
Omar Zaki
Thanks everyone for all the advice! This has been super helpful. I'm going to pull the official corporate records first, then double-check everything before submitting. Better to spend extra time upfront than deal with rejections and potential lien priority issues later.
Feel free to post back if you run into any other issues. This community is pretty good about helping with UCC questions.
Definitely will - thanks again everyone. This is exactly the kind of guidance I needed.
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Oliver Weber
Don't forget to check if there were any amendments filed on the original UCC-1. Sometimes collateral gets added or debtor names change, and you need to reference the most current information, not just what was on the original filing.
How do you track all the amendments? Is there an easy way to see the full filing history?
Oliver Weber
•Most SOS search systems will show you the complete chain of filings when you look up the original number.
Just get it done ASAP. The borrower paid off their debt and deserves to have their credit cleared. File the UCC-3 termination today if possible - it's really not that complicated once you have all the right information from the original filing.
Agreed - better to file it quickly and correctly than let it drag out and create relationship problems.
Thanks everyone - I found the original filing details and I'm going to use one of those verification tools before submitting. Really appreciate all the guidance!
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Serene Snow
Honestly this thread is making me realize I should probably have a lawyer review my security agreement. There are so many details that could cause problems later. Better safe than sorry on a $180K transaction.
Teresa Boyd
•That's probably smart for a transaction this size. A lawyer can spot issues you might miss and help negotiate better terms.
Serene Snow
•Yeah, false economy to skip legal review on something this important to my business.
Thanks everyone for all the detailed responses! This gives me a much better understanding of what to look for in the security agreement. I feel more confident about reviewing the documents now and know what questions to ask the lender. Really appreciate this community.
Teresa Boyd
•Glad we could help! Feel free to post any other questions that come up during your review.
Good luck with your equipment purchase! Just remember - get that debtor name exactly right on all documents.
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Jamal Wilson
Just curious - what made you choose the installment sale structure over a straight security agreement? Tax benefits for the customer?
Mei Lin
•Makes sense for construction equipment. That stuff gets beat up and loses value fast.
Jamal Wilson
•Good point about the repo angle. Much cleaner with an installment sale than going through Article 9 foreclosure.
StarSailor}
One more thing to consider - if this is PMSI collateral, make sure you file within 20 days of the debtor taking possession to maintain super-priority. The installment sale timing might affect your PMSI status.
NebulaNinja
•Actually, for equipment PMSI it's 20 days from when debtor receives possession, not delivery. Make sure you're tracking the right date.
StarSailor}
•Exactly. Delivery and possession can be different dates depending on setup and training requirements.
Nia Thompson
The silver lining is that if you're going to refile anyway, this is a good opportunity to clean up any issues with the original UCC-1. Update debtor names, clarify collateral descriptions, fix any address changes, etc.
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Mateo Rodriguez
•Good point. I've seen situations where the 'do-over' filing actually ended up being stronger than the original.
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GalaxyGuardian
•Plus you can check if the debtor has changed their legal name or structure since 2013. Corporate name changes can affect UCC effectiveness.
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Aisha Abdullah
Bottom line - check the database status immediately, assume you need to refile, and get started on new documentation. With $180K at stake, this isn't something to delay or second-guess. Even if there's a 1% chance your continuation is still valid, treat it like it's lapsed and proceed accordingly.
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Ethan Wilson
•Smart approach. Better to over-file than under-file when it comes to UCC perfection.
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Yuki Tanaka
•Set up multiple reminder systems this time - calendar alerts, legal management software, whatever it takes to avoid this situation again.
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