Section 9--503. Name of Debtor and Secured Party.(a) Sufficiency of debtor's name. A financing statement sufficiently provides the name of the debtor:
(1) except as otherwise provided in paragraph (3), if the debtor
is a registered organization or the collateral is held in a
trust that is a registered organization, only if the
financing statement provides the name that is stated to be
the registered organization's name on the public organic
record most recently filed with or issued or enacted by the
registered organization's jurisdiction of organization which
purports to state, amend, or restate the registered
organization's name;
(2) subject to subsection (f), if the collateral is being
administered by the personal representative of a decedent,
only if the financing statement provides, as the name of the
debtor, the name of the decedent and, in a separate part of
the financing statement, indicates that the collateral is
being administered by a personal representative;
(3) if the collateral is held in a trust that is not a registered
organization, only if the financing statement:
(A) provides, as the name of the debtor:
(i) if the organic record of the trust specifies a name
for the trust, the name specified; or
(ii) if the organic record of the trust does not specify
a name for the trust, the name of the settlor or
testator; and
(B) in a separate part of the financing statement:
(i) if the name is provided in accordance with
subparagraph (A)(i), indicates that the collateral is
held in a trust; or
(ii) if the name is provided in accordance with
subparagraph (A)(ii), provides additional
information sufficient to distinguish the trust from
other trusts having one or more of the same settlors
or the same testator and indicates that the
collateral is held in a trust, unless the additional
information so indicates;
(4) subject to subsection (g), if the debtor is an individual to
whom this State has issued a driver's license or non-driver
photo identification card that has not expired, only if the
financing statement provides the name of the individual which
is indicated on the driver's license or non-driver photo
identification card;
(5) if the debtor is an individual to whom paragraph (4) does not
apply, only if the financing statement provides the
individual name of the debtor or the surname and first
personal name of the debtor; and
(6) in other cases:
(A) if the debtor has a name, only if the financing statement
provides the organizational name of the debtor; and
(B) if the debtor does not have a name, only if it provides
the names of the partners, members, associates, or other
persons comprising the debtor, in a manner that each name
provided would be sufficient if the person named were the
debtor.
(b) Additional debtor-related information. A financing statement that provides the name of the debtor in accordance with subsection (a) is not rendered ineffective by the absence of:
(1) a trade name or other name of the debtor; or
(2) unless required under subsection (a)(6)(B), names of
partners, members, associates, or other persons comprising
the debtor.
(c) Debtor's trade name insufficient. A financing statement that provides only the debtor's trade name does not sufficiently provide the name of the debtor.
(d) Representative capacity. Failure to indicate the representative capacity of a secured party or representative of a secured party does not affect the sufficiency of a financing statement.
(e) Multiple debtors and secured parties. A financing statement may provide the name of more than one debtor and the name of more than one secured party.
(f) Name of decedent. The name of the decedent indicated on the order appointing the personal representative of the decedent issued by the court having jurisdiction over the collateral is sufficient as the "name of the decedent" under subsection (a)(2).
(g) Multiple driver's licenses. If this State has issued to an individual more than one driver's license or non-driver photo identification card of a kind described in subsection (a)(4), the one that was issued most recently is the one to which subsection (a)(4) refers.
(h) Definition. In this section, the "name of the settlor or testator" means:
(1) if the settlor is a registered organization, the name that is
stated to be the settlor's name on the public organic record
most recently filed with or issued or enacted by the
settlor's jurisdiction of organization which purports to
state, amend, or restate the settlor's name; or
(2) in other cases, the name of the settlor or testator indicated
in the trust's organic record.
Last modified: February 3, 2019