UCC Search

UCC Search Guide for Solar Developers & Installers

Uniform Commercial Code (“UCC”) filings are company filings, typically from a bank, that list any liens, which are filed in a specific state, against the company in review, such as a project company. SolRiver Capital wants developers and installers to understand why we require a UCC Search during the diligence process prior to you securing an investment from us. In this guide on the UCC Search, we discuss:

  1. What a UCC Search is;
  2. Why SolRiver requires it and when it is needed;
  3. The scope SolRiver requires; and
  4. How to do a UCC Search.

What are UCC Filings and UCC Searches?

When a company, like a bank, finances something like equipment (for a company, like a project company), they notify the Secretary of State Office of that state with a UCC filing to show to the world that they have a lien on that equipment. A UCC Search shows all UCC filings on record against that company.

 

Why is a UCC Search needed and when do you need it by?

We require UCC searches on the project company, and sometimes on the seller to confirm that no one has a lien on the project, other than who was disclosed to us. The knowledge of any of the company’s assets used as collateral against a different loan is usually required to close on a new loan. UCC searches should be done no more than 10 days prior to close, and it ideally would be performed at close.

 

What is the required scope for a UCC Search?

A UCC search should certify that there are no UCC liens on the assets of the entity in question, other than those previously disclosed to us.

 

How can a UCC Search be done?

Most states offer UCC searches at little cost and are easily found by searching for UCC and the state name in any browser.

 

SolRiver Capital

SolRiver Capital is a solar investment fund dedicated to financing development, construction, and acquisition of small and mid-size utility-scale projects across the US.

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