2010 Amendments to Article 9: Debtor's Name on Financing Statements

Excerpt: The Uniform Commercial Code itself, scholarly articles, and judicial decisions have long emphasized the importance of the debtor's name on an Article 9 financing statement. The debtor's name is one of only three pieces of information absolutely required on a filed financing statement...

2010 Amendments to U.C.C. Article 9: Changes in the Debtor's Location

Excerpt: Generally, the law of the debtor's location governs perfection issues under Article 9 of the Uniform Commercial Code. In other words, the debtor's location controls the place of filing of financing statements giving notice of Article 9 security interests. U.C.C. § 9-301 (1) (Official...

Alternatives "A" and "B": Debtor Names Under Revised UCC Section 9-503

Failure to correctly identify a debtor on a financing statement can be fatal to a creditor's attempted filing of a security interest. Newly adopted amendments to Uniform Commercial Code Article 9 are designed to clear up some areas of confusion regarding how debtors' names appear on financing...

Livingston on the Ongoing Issue of the Debtor's Name on UCC Article 9 Financing Statements

There are any number of potential pitfalls along the way to properly setting up a secured transaction, but perhaps the most bedeviling stems from the failure to set forth the debtor's name correctly on the financing statement. As a recent bankruptcy court decision reveals, even sophisticated creditors...

The Ongoing Issue of the Debtor's Name on UCC Article 9 Financing Statements

There are any number of potential pitfalls along the way to properly setting up a secured transaction, but perhaps the most bedeviling stems from the failure to set forth the debtor's name correctly on the financing statement. As a recent bankruptcy court decision reveals, even sophisticated creditors...

Professor Margit Livingston on Mishaps Involving a Termination Statement, a Correction Statement, and a Last-Minute Financing Statement Under U.C.C. Article 9

Although Article 9 of the Uniform Commercial Code has attempted to make perfection an easily attainable goal for secured parties, mistakes still occur, and many of them prove fatal to the secured creditor's perfected status. The secured party in a recent bankruptcy case found itself in danger of...

A New Twist on Debtor Names on U.C.C. Article 9 Financing Statements

Public filing of a financing statement is the common method of achieving perfection of a security interest. Article 9 is unforgiving towards debtor name errors because the debtor's name is the gateway to the filing system. A recent federal district court case reveals that more than a decade after...

Professor Margit Livingston on Article 9 Financing Statements: The Debtor's Name and the Transition Rules Under the 2010 Amendments

The debtor name issue has been a troublesome one for decades. Legislative and judicial attempts to grapple with it have not been entirely successful. Once again, the drafters are hoping that this latest round of amendments will finally resolve this key question and make the public record system even...

Article 9 Financing Statements: Debtor Name Changes under the 2010 Amendments

The 2010 Amendments to UCC Art. 9, effective July 1, 2013, do not make sweeping changes to the overall structure and rules of existing Article 9, but in a few key areas, the drafters have significantly altered the current statutory provisions to simplify and clarify the law. One of those areas involves...

Changes of the Debtor's Location under the 2010 Amendments to U.C.C. Article 9

The 2010 Amendments to Article 9 (Secured Transactions) of the Uniform Commercial Code modify or clarify certain key provisions of the statute. One of the provisions so modified involves changes of the debtor's location. The 2010 Amendments do not change provisions regarding the debtor's...

Professor Margit Livingston on Legal Malpractice for Failure to File a U.C.C. Article 9 Financing Statement

Every secured party's nightmare is the realization that it forgot to file a financing statement in the appropriate public office to perfect its security interest. Sometimes that nightmare extends to the secured party's attorney, who may find herself facing a legal malpractice claim for failing...

Professor Margit Livingston on The Debtor's Name on a U.C.C. Article 9 Financing Statement: In re Patriot Electric & Mechanical, Inc.

Much time, energy, and thought has been spent in refining UCC provisions regarding the correct debtor name for a financing statement and the amount of latitude that should be allowed for minor errors. Article 9 was revised in 2010 in part to address these troublesome issues. With the first cases under...