Article 9 — Secured Transactions · Section 9-503
Understanding UCC § 9-503 is crucial for recognizing how a secured party can identify itself in a financing statement.
Source: U.C.C. § 9-503
A financing statement sufficiently shows the name of the debtor if it provides the name of the debtor indicated on a driver's license or, in the case of an individual debtor, the name of the individual as it appears on the individual's unexpired driver's license issued by the state in which the individual resides.
UCC § 9-503 describes how secured parties must list the name of the debtor in a financing statement. It emphasizes that the debtor's name must be accurate and preferably match the name on the debtor's driver's license to ensure clear identification.
A lender or entity that holds a security interest in the collateral.
An individual or entity that owes money or an obligation to the secured party.
A document filed to give notice of a security interest in collateral.
Example 1
A bank files a financing statement for a loan secured by a car, and it lists the debtor's name as it appears on their driver's license.
Example 2
An individual has two aliases; for the filing to be effective, the financing statement must include the individual's name listed on their valid state-issued ID.