Matt Ellis
Matt Ellis

Below is a list of issues that are likely to come up and advice on how to go about determining the name to use on the UCC-1 Financing Statement. Feel free to contact us at Batson Nolan to ensure that a borrower’s name is properly listed and your security interest is properly perfected.

 

ISSUE & NAME TO USE ON UCC-1

1. Borrower has a valid Driver’s License — Use the exact name on valid Driver’s License
2. No valid Driver’s License — Use State issued ID; or If no State issued ID, use the individual name
3. Multiple Driver’s Licenses — Use most recent, unexpired DL
4. Driver’s License from multiple states — Use the DL from the State in which the UCC-1 will be filed
5. Driver’s License from another state — Use individual name, DL from another state is irrelevant
6. Driver’s License differs from Individual Name — Use DL name
7. Driver’s License has suffix — If DL contains suffix, include it on the UCC-1
8. Hyphenated surname — If DL contains hyphenated surname, include both on the UCC-1 as “last name”
9. Fixture Filing — Can use individual name to match real estate title
10. Driver’s License expires — Individual name or First and Last name controls, there is no problem unless DL is different from individual name
11. Borrower changes name — 4 months to amend UCC-1 to new name on DL
12. Names of Corporations or Partnerships — Most recent “Public Organic Record”. This will commonly be the name of record with the Secretary of State