Failure To Use Debtor's Driver's License Name On Financing Statement Is Fatal For Secured Lender
LexisNexis (May 3, 2018, 10:41 AM EDT) -- Secured lenders continue to make simple errors on financing statements. If the debtor files bankruptcy, those errors will come back to haunt the secured lender. That's what happened in a recent case from Georgia. In knocking out the security interest on the ground that the debtor's name indicated in the financing statement was erroneous, the court properly applied the rules of the UCC, in a thorough and knowledgeable decision.
The Georgia case. In In re Pierce, 2018 Bankr. LEXIS 287 (Bankr. S.D. Ga. 2/1/18), the facts...