I am a lender in Illinois. We have a customer that we made a loan secured by their business assets. In a post closing review of the file a lien from a third party got in front of our position with the Secretary of State of Illinois on the assets of the business. This third party is willing to subordinate their position to us. I know we need a subordination agreement signed by both parties but do we need to file a UCC-3 with the State. A forum on the discussion board said no but that was from a few years ago.

Thanks for your help

The answer is still no.