No Margin for Error -
UCC Financing Statement Debtor Names
April 16, 2019
1:00 PM - 2:00 PM Eastern Time
10:00 AM - 11:00 AM Pacific Time
Can't attend? We'll email it to you!
1.0 Hour CA CLE
Legal professionals normally take great care to ensure the accuracy of information provided on UCC financing statements. Nevertheless, even the most diligent filer may make a small error from time to time. Fortunately, minor errors generally do not render a financing statement ineffective. There is, however, one piece of information where there is no room for error - the debtor name.
The UCC search and retrieval process is dependent on the filing of correct debtor names. For this reason, UCC Article 9, the law governing perfection and priority of security interests, requires strict compliance with the statutory debtor name rules. Moreover, Article 9 and the courts will tolerate harsh results for filers that fail to comply. As a result, even the tiniest error in a debtor name can render the financing statement seriously misleading and not effective.
It is essential that those who file UCC records understand the debtor name rules, which are sometimes counter-intuitive and can be confusing. This presentation will help clarify what is required for strict compliance with the Article 9 debtor name rules, how to determine the correct name for each type of debtor and how to correctly provide the debtor name on the UCC record.
Attendees will learn:
- The debtor name rules by debtor type (or status of the collateral);
- The statutory source document for each type of debtor name;
- The role of filing office standard search logic; and
- How to avoid the most common traps for the unwary filer.
Associate General Counsel
CSC® - Legal
2345 Rice Street, Suite 230
Roseville, MN 55111
Direct: (651) 494-1730
Toll-Free: (800) 927-9801 ext 61730
Paul Hodnefield is Associate General Counsel for CSC®, where he is responsible for advising the company regarding UCC, real estate recording, notary, and other public record transactional services. In addition to his duties at CSC, he currently serves as Co-Chair of the ABA Joint Task Force on Filing Office Operations and Search Logic. He is a frequent speaker on public record filing, recording and search issues and has participated as a panelist in numerous CLE programs for the ABA, state bar associations, and several other organizations. Paul is a member of the American Bar Association, the Minnesota Bar Association, and a Fellow of the American College of Commercial Finance Lawyers.