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Twenty Questions About an Individual Debtor's Name Under Amended Article 9 Section 9-503(A)(4) Alternative A

43 Pages Posted: 23 Feb 2013  

Richard H. Nowka

University of Louisville - Louis D. Brandeis School of Law

Date Written: 2012

Abstract

This article answers questions created by the financing statement requirements for sufficiency of the name of an individual debtor under the amendments to Uniform Commercial Code Article 9-Secured Transactions. An individual debtor in a security interest transaction could be known by various names: birth certificate name, driver's license name, passport name, or nickname. Revised Article 9 provides no guidance on what name is the correct name of the debtor for entry on the financing statement, and a financing statement that does not provide the correct name of the debtor does not perfect the security interest. To resolve this problem, the Joint Review Committee for Article 9 considered possible amendments to the individual debtor name requirements. Even the Joint Review Committee struggled with the issue, finally adopting two alternatives for sufficiency of the name of an individual debtor and asking states to choose between them. The Uniform Law Commission and the American Law Institute accepted the proposal and have offered the alternatives to the states, along with other amendments to Article 9. The proposed effective date of the amendments to Article 9 is July 1, 2013.

Keywords: Uniform Commercial Code, UCC Article 9, secured transactions, Uniform Law Commission

JEL Classification: K2, K20, K22

Suggested Citation

Nowka, Richard H., Twenty Questions About an Individual Debtor's Name Under Amended Article 9 Section 9-503(A)(4) Alternative A (2012). William & Mary Business Law Review, Vol. 3, 2012 ; University of Louisville School of Law Legal Studies Research Paper Series No. 2013-04. Available at SSRN: https://ssrn.com/abstract=2222253

Richard H. Nowka (Contact Author)

University of Louisville - Louis D. Brandeis School of Law ( email )

Wilson W. Wyatt Hall
Louisville, KY 40292
United States

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