We recently had a loan close where a checking account was taken as collateral. A UCC 1 was filed on the collateral. The UCC was filed with the full checking account number in the collateral description. A question has been asked as to whether this is a compliance issue because the account number was not truncated when the UCC was filed. Its the first time I have ever came across this question and I can't find anything that discusses this. Can anyone offer an opinion as to whether this is a issue.
FYI - I know we don't need to file a UCC-1 on the deposit account. Our attorneys just do it.