In his article featured in the Corporate Service Company website on July 31, 2014, Paul Hodnefield discusses the the 2010 Amendments to UCC Article 9, specifically as they pertain to the role of drivers licenses in determining correct individual debtor names for the purposes of the financing statement. Hodnefield explains the the best practices in the use of drivers licenses to aid UCC filers in the process.
“More than a year has passed since the 2010 Amendments to UCC Article 9 (the “Amendments”) took effect in the majority of states. Among other changes, the Amendments established new rules for the sufficiency of individual debtor names in UCC § 9-503(a)(4) using the name indicated on the person’s driver’s license.
Despite the important role a driver’s license now plays in determining the correct name of an individual debtor for purposes of the financing statement, some UCC filers still do not fully understand its proper use in the filing process. This article offers best practices for using a driver’s license as the source of an individual debtor name.”
You can find the full article here.