Applicability of § 47-9-503 Requirements for Name of an Individual as Debtor on Financing Statement
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Section 47-9-503(a)(4), as it existed pursuant to chapter 648, § 1 of the Public Acts of 2008, applies to initial financing statements and amendments filed on or after May 1, 2008, but before June 13, 2008, that provide the name of an individual as debtor.
If the initial financing statement or amendment provides the name of an individual debtor authorized by chapter 648 of the Public Acts of 2008, the following transition rules apply:
The financing statement shall sufficiently provide the name of the debtor if:
The name is the name shown on the individual's driver license or identification license, as provided in § 47-9-503(a)(4); or
The debtor's name is otherwise sufficient as determined in accordance with any other method permitted by law, excluding § 47-9-503(a)(4) as it existed pursuant to chapter 648, § 1 of the Public Acts of 2008;
If the financing statement does not sufficiently provide the name of the debtor as set forth in subdivision (b)(1), then the financing statement shall nevertheless be deemed to sufficiently provide the name of the debtor:
For a period of sixty (60) days from June 13, 2008; and
Thereafter, only if an amendment to the financing statement is filed within the sixty-day period to provide the name of the debtor as set forth in subdivision (b)(1); and
A financing statement properly amended by an amendment filed pursuant to subdivision (b)(2) shall be deemed to have sufficiently provided the name of the debtor from and after its original filing date.