Continuation
File a UCC-3 Continuation to extend a UCC-1 beyond the original five-year span.
The benefits of Auto Continuation
UCC liens expire after five years and need to be continued for loans extending beyond that date. Traditionally, continuation has been handled manually, with an employee or group assigned to monitor and act on pending expirations. iLien’s Auto Continuation solution uses technology to improve on this error-prone process and ensure that liens are monitored and automatically continued.
What are some of the issues addressed by Auto Continuation?
Avoid lapses and errors
Manual processes are prone to omissions and mistakes. Personnel changes can lead to gaps in oversight — and with increasing workloads, pending UCC expirations can get lost to other pressing demands. Auto Continuation avoids these pitfalls by making sure continuation happens as a matter of course.
Reduce real risks
Even small banks may have to file dozens of continuations each year. And, the reality is that no matter the volume, even one lapsed filing can significantly and negatively impact a business. Auto Continuation removes this worry so lien managers can have greater confidence in the health of their lien portfolio.
Save time and resources while being more thorough
Manual processes are slow, labor intensive, and a drain on resources. With automated solutions like Auto Continuation, Lien Solutions helps you take a more timely, accurate and complete approach — in a more efficient way.
FAQs
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How can Auto Continuation help me manage risk to my organization?All UCC liens expire after five years. And that means the protections associated with perfection expire as well. By ensuring that all necessary liens are continued, Auto Continuation makes sure that the risks associated with lapsed liens are avoided.
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How can Auto Continuation enhance operational and financial efficiencies?Manual processes aren’t just error-prone, they’re time-consuming and expensive. They often require the assignment of employees who could be doing higher value work. Auto Continuation helps ensure that operations run smoothly, quickly, and with fewer errors — while lowering the costs of those operations.
Product features
Terminations
File UCC-3 Terminations to provide notice that a borrower has paid off a loan or other obligation.
Amendments
Let us help with debtor amendments, secured party amendments, and collateral amendments.