I have registered a negotiable security using UCC 1 initial filing to pay off a mortgage, however, I noticed what I believe is an error in the debtor's field, where I have my name in camel case rather than in ALL CAPS (strawman). The concerns stem from reflecting a current situation, where the bank home mortgage corporate executive office has refused to receive and accept the negotiable security (promissory note). I may have some remedy within UCC on the refusal that I need to research and comprehend. In the meantime, the bank has stated that they will not accept it as it is not US currency and not within the terms of the original promissory note. They can only accept wire transfer, cashiers or certified checks. I asked if they accept Federal Reserve notes for mortgage payoff and they do not. Ha!
Previously, I presented the negotiable security to three local bank branches. None of them had a clue as to what to do and would not receive and accept the offer to pay off the mortgage, but did make copies to send to correspondence team to sort out. They said they have no authority and can only accept wire transfer, cashiers or certified check. Not even federal reserve notes. I'm sure various legal teams have examined it and researched it from there. I ended up opening a case with the bank corporate executive office for review, that is where the current refusal is coming from. Of course, the bank would not share their process in how they concluded to not accept the security.
What are the effects of going the route of filing a UCC3 amendment or termination? Has anyone had any experience with doing terminations and re-filing UCC1 and/or amendments using UCC3 with correcting information? (i also want to update the "send acknowledgement to" field and update the collateral information as well. Is it better to just do the UCC3 amendment? In the amendment, I can only amend the debtor, secured party, and collateral.
Does it matter which state the UCC is filed? The UCC1 filing was done online in a different state from where I am but through the secretary of state website.
Thank you in advance for any input.