§ 336.9-506 — Effect of Errors or Omissions
Plain-Language Summary
A financing statement with minor errors is still effective unless the errors make it seriously misleading. An incorrect debtor name is seriously misleading unless a search under the correct name would find the filing.
336.9-506 2000 c 399 art 1 s 140
336.9-506 EFFECT OF ERRORS OR OMISSIONS.
(a) Minor errors and omissions. 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.
(b) Financing statement seriously misleading. Except as otherwise provided in subsection (c), a financing statement that fails sufficiently to provide the name of the debtor in accordance with section 336.9-503(a) is seriously misleading.
(c) Financing statement not seriously misleading. 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 336.9-503(a), the name provided does not make the financing statement seriously misleading.
(d) Debtor’s correct name. For purposes of section 336.9-508(b), the “debtor’s correct name” in subsection (c) means the correct name of the new debtor.
History:
History: History:
2000 c 399 art 1 s 77