Arizona Laws 47-9506. Effect of errors or omissions
A. A financing statement substantially satisfying the requirements of this article is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading.
Terms Used In Arizona Laws 47-9506
- Debtor: means :
(a) A person having an interest, other than a security interest or other lien, in the collateral, whether or not the person is an obligor;
(b) A seller of accounts, chattel paper, payment intangibles or promissory notes; or
(c) A consignee. See Arizona Laws 47-9102
- Filing office: means an office designated in section 47-9501 as the place to file a financing statement. See Arizona Laws 47-9102
- Financing statement: means a record or records composed of an initial financing statement and any filed record relating to the initial financing statement. See Arizona Laws 47-9102
- Minor: means a person under eighteen years of age. See Arizona Laws 1-215
- New debtor: means a person that becomes bound as debtor under section 47-9203, subsection D by a security agreement previously entered into by another person. See Arizona Laws 47-9102
B. Except as otherwise provided in subsection C of this section, a financing statement that fails sufficiently to provide the name of the debtor in accordance with section 47-9503, subsection A is seriously misleading.
C. If a search of the records of the filing office under the debtor’s correct name, using the filing office’s standard search logic, if any, would disclose a financing statement that fails sufficiently to provide the name of the debtor in accordance with section 47-9503, subsection A, the name provided does not make the financing statement seriously misleading.
D. For purposes of section 47-9508, subsection B, the "debtor’s correct name" in subsection C of this section means the correct name of the new debtor.