§ 70A-9a-506. Effect of errors or omissions.

(1) 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.

(2) Except as otherwise provided in Subsection (3), a financing statement that fails sufficiently to provide the name of the debtor in accordance with Subsection 70A-9a-503(1) is seriously misleading.

(3) 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 Subsection 70A-9a-503(1), the name provided does not make the financing statement seriously misleading.

(4) For purposes of Subsection 70A-9a-508(2), the "debtor's correct name" in Subsection (3) means the correct name of the new debtor.

Enacted by Chapter 252, 2000 General Session