§9-1506. Effect of errors or omissions
211 words·~1 min read·
/me/title-11-uniform-commercial-code/9-1506A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1). A financing statement substantially satisfying the requirements of this part is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2). Except as otherwise provided in subsection
(3), a financing statement that fails sufficiently to provide the name of the debtor in accordance with section 9‑1503, subsection
(1)is seriously misleading.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3). If a search of the records of the filing office under the debtor's correct name, using the filing office's standard search logic, if any, would disclose a financing statement that fails sufficiently to provide the name of the debtor in accordance with section 9‑1503, subsection
(1), the name provided does not make the financing statement seriously misleading.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(4). For purposes of section 9‑1508, subsection
(2), the "debtor's correct name" in subsection
(3)means the correct name of the new debtor.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]