Perfecting the name of an organization or individual in a UCC-1 Financing Statement is very important in the protection of your security interest. Unperfected uniform commercial code filings can be deceptive and catastrophic.
If the Debtor is an Organization
If the debtor is an organization the name listed in 1a should match the last filed public record as filed with the Secretary of State where the entity is formed. For instance, if the corporation is filed under the name: ABC Services, Inc. the name in 1a should be listed as the same. It should not be listed as: ABC Services Corp. If the organization files for a name change, after the UCC-1 is filed, the UCC-1 should be updated to reflect the change in the debtor name, via a UCC-3 Amendment.
If the Debtor is an Individual
If the debtor is an individual, the name listed in 1b should match the individual’s unexpired driver’s license or ID card. If the individual does not have one of these two identifications, the UCC-1 should list the debtors first and last name. For instance, if the driver’s license or ID card lists the person’s name as Rose Lee Redman, the UCC-1 should include first, middle and last name. It should not be listed as: Rose L. Redman or Rose Redman.
Start a Uniform Commercial Code UCC-1 Filing
Rely on Incserv’s experience and expertise to ensure your UCC-1 Filing is executed perfectly. Get started here.
