(a) Sufficiency of debtor’s name. A financing statement sufficiently provides the name of the debtor:
         (1) except as otherwise provided in paragraph (3), if
    
the debtor is a registered organization or the collateral is held in a trust that is a registered organization, only if the financing statement provides the name that is stated to be the registered organization’s name on the public organic record most recently filed with or issued or enacted by the registered organization’s jurisdiction of organization which purports to state, amend, or restate the registered organization’s name;
        (2) subject to subsection (f), if the collateral is
    
being administered by the personal representative of a decedent, only if the financing statement provides, as the name of the debtor, the name of the decedent and, in a separate part of the financing statement, indicates that the collateral is being administered by a personal representative;
        (3) if the collateral is held in a trust that is not
    
a registered organization, only if the financing statement:
            (A) provides, as the name of the debtor:
lawyer at desk

Ask a business law question, get an answer ASAP!
Thousands of highly rated, verified business lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Illinois Compiled Statutes 810 ILCS 5/9-503

  • Decedent: A deceased person.
  • individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
  • Testator: A male person who leaves a will at death.

                 (i) if the organic record of the trust
            
specifies a name for the trust, the name specified; or
                (ii) if the organic record of the trust does
            
not specify a name for the trust, the name of the settlor or testator; and
            (B) in a separate part of the financing
        
statement:
                (i) if the name is provided in accordance
            
with subparagraph (A)(i), indicates that the collateral is held in a trust; or
                (ii) if the name is provided in accordance
            
with subparagraph (A)(ii), provides additional information sufficient to distinguish the trust from other trusts having one or more of the same settlors or the same testator and indicates that the collateral is held in a trust, unless the additional information so indicates;
        (4) subject to subsection (g), if the debtor is an
    
individual to whom this State has issued a driver’s license that has not expired, only if the financing statement provides the name of the individual which is indicated on the driver’s license;
        (5) if the debtor is an individual to whom paragraph
    
(4) does not apply, only if the financing statement provides the individual name of the debtor or the surname and first personal name of the debtor; and
        (6) in other cases:
             (A) if the debtor has a name, only if the
        
financing statement provides the organizational name of the debtor; and
            (B) if the debtor does not have a name, only if
        
it provides the names of the partners, members, associates, or other persons comprising the debtor, in a manner that each name provided would be sufficient if the person named were the debtor.
    (b) Additional debtor-related information. A financing statement that provides the name of the debtor in accordance with subsection (a) is not rendered ineffective by the absence of:
         (1) a trade name or other name of the debtor; or
         (2) unless required under subsection (a)(6)(B), names
    
of partners, members, associates, or other persons comprising the debtor.
    (c) Debtor’s trade name insufficient. A financing statement that provides only the debtor’s trade name does not sufficiently provide the name of the debtor.
     (d) Representative capacity. Failure to indicate the representative capacity of a secured party or representative of a secured party does not affect the sufficiency of a financing statement.
     (e) Multiple debtors and secured parties. A financing statement may provide the name of more than one debtor and the name of more than one secured party.
     (f) Name of decedent. The name of the decedent indicated on the order appointing the personal representative of the decedent issued by the court having jurisdiction over the collateral is sufficient as the “name of the decedent” under subsection (a)(2).
     (g) Multiple driver’s licenses. If this State has issued to an individual more than one driver’s license of a kind described in subsection (a)(4), the one that was issued most recently is the one to which subsection (a)(4) refers.
     (h) Definition. In this Section, the “name of the settlor or testator” means:
         (1) if the settlor is a registered organization, the
    
name that is stated to be the settlor’s name on the public organic record most recently filed with or issued or enacted by the settlor’s jurisdiction of organization which purports to state, amend, or restate the settlor’s name; or
        (2) in other cases, the name of the settlor or
    
testator indicated in the trust’s organic record.
  Previous section
Next section  
 Subpart 1 Contents