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One of our financing statements expired, and we still have loans secured by the collateral listed in the expired UCC1. If I refile, will I lose my priority position?

April 26, 2017collateral expired financing Loans lose refile secured statements ucc1

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One of our financing statements expired, and we still have loans secured by the collateral listed in the expired UCC1. If I refile, will I lose my priority position?

1 Answer

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You may have already lost your priority, but didn’t find out until now. First, prepare a new financing statement as authorized by the debtor. Once this new financing statement has been recorded, request a search and pray. You will then find out if you lost your priority, or if you are lucky.