US Uniform Commercial Code Article 9 Secured Transactions
Part 5: the filing system, the financing statement, lapse, continuation, termination and filing office duties – US Uniform Commercial Code Article 9 Secured Transactions

US Uniform Commercial Code Article 9 Secured Transactions 9-503-9-506-debtor-name: Use the debtor's exact name: the registered organisation's name on its public organic record, an individual's name as on an unexpired driver's licence (in licence States), or the name rules for trusts, estates and others; minor errors are fatal if a standard search would not find the filing

What does 9-503-9-506-debtor-name require?

For a registered organisation the financing statement must use the name on the latest public organic record on file with the State of organisation; for a decedent's estate the name of the decedent with an indication; for a trust the name of the trust in its organic record or the settlor's name with an indication; and for an individual, in States that adopted Alternative A, the name on the individual's unexpired driver's licence or identification card issued by the State, otherwise the individual name or surname and first personal name (section 9-503). A trade name alone is insufficient. A financing statement that substantially satisfies the requirements is effective despite minor errors or omissions unless they make it seriously misleading; a statement that fails to provide the debtor's name correctly is seriously misleading unless the office's standard search logic, run on the correct name, would still find it (section 9-506). A name change that makes a filed statement seriously misleading leaves it effective for collateral acquired before and within four months after the change unless an amendment is filed (section 9-507); a new debtor bound by the security agreement is covered for collateral acquired before and within four months after it becomes bound, if its name differs seriously (section 9-508).

Maintained by Gerard Blokdyk

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