Due diligence has long been an aspect of the loan application process. However, lenders should take extra precautions to safeguard themselves from loss in today’s unpredictable economic environment. Besides due diligence, lenders can take several procedures to gain a depiction of the debtor’s payback ability and confirm that any collateral associated with the loan is secured. These processes aid in the discovery of hidden dangers such as tax liens, verdicts, pending litigation, and UCC financing documents that have been illegal.
A UCC filing is only complete if the name is correct.
There are implications of filing underneath the wrong name.
It is critical to figure out the name accurately.
Conducting a corporate name verification search and ordering copies of Articles of Incorporation and any revisions are ways to check the usage of the correct name.
If the debtor is an LLC or other registered business entity, a similar procedure follows. This additional due diligence method will assist avoid the possibility of errors caused by incorrectly putting the debtor’s name in the filing and ensuring that the security interest is final.
Consigned merchandise was subject to a secured debt held by a secured party in the matter of In re: Tyringham Holdings, Inc. The party attempted to perfect the interest by filing a financing statement with the Virginia State Corporation Commission. On the financing statement, the debtor’s name was listed as “Tyringham Holdings.”
As per the Virginia State Corporation Commission’s official documents, the debtor was a Virginia corporation called “Tyringham Holdings, Inc.”
The Corporation Commission’s search methodology was such that a State Corporation Commission-certified official UCC search disclosed a search performed under the name “Tyringham Holdings, Inc.,” but did not disclose the secured party’s financing statement under that name.
The court determined that the financing statement was “significantly deceiving” because a search using the name under the jurisdiction’s ordinary search criteria did not reveal it.
The secured party’s interest in the collateral was unperfect and sold clear of any secured party’s claim.
In another case of In re: Kenneth R. Pierce, the US Bankruptcy Court for the Southern District of Georgia determined that the displayed name on the debtor’s driving license was the name that mattered for UCC security interest completion concerns.
The court considered whether “indicated on the driver’s license” means printed or included the signed name.
The debtor claimed that because the name on the UCC-1 did not match the name on the driving license, it did not fulfill the UCC personal debtor name adequacy criteria.
The debtor’s objection got accepted, and the court determined that the UCC-1 was seriously deceptive under the state’s UCC.
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