“The proper spelling of a debtor’s name on a UCC Financing Statement is a fervently litigated issue. The UCC Article 9 registry system is designed to permit creditors to make a security agreement public by filing a UCC Financing Statement. UCCs are indexed by the name of the debtor, in part to facilitate a streamlined search and to identify pre-existing security interests.
Seriously Misleading
Perfection of a security interest involves drafting and executing a sound security agreement, ensuring the UCC Financing Statement complies with Article 9 of the Uniform Commercial Code and the proper recording of the UCC.
One of the most common - and most preventable - mistakes creditors make is inaccurately or incorrectly identifying their debtor on the Financing Statement. Errors in identifying the debtor may include the wrong legal name, spelling and spacing errors or omissions. Seemingly trivial deviations in the name of the debtor can prevent a security interest from being perfected.
When these errors occur, the filing may be deemed “seriously misleading”.
What constitutes “seriously misleading”? According to UCC Article 9-506(b), a Financing Statement is seriously misleading if a search for the debtor’s legal name does not reveal the filing.”
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Agenda
Faculty
Kristin Alford
NCS
Kristin Alford is the Education & Marketing Specialist for NCS, the leader in providing credit professionals throughout the U.S. and Canada with proactive solutions to secure receivables, minimize credit risk and improve profitability. With uncompromising standards for professional support, NCS ensures our service groups exceed your expectations and successfully secure your tomorrow.
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