Montana Code 30-9A-506. Effect of errors or omissions
30-9A-506. Effect of errors or omissions. (1) A financing statement substantially complying with the requirements of this part is effective, even if it includes minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading.
Terms Used In Montana Code 30-9A-506
- Debtor: means :
(i)a person having a property interest, other than a security interest or other lien, in the collateral, whether or not the person is an obligor;
(ii)a seller of accounts, chattel paper, payment intangibles, or promissory notes; or
(iii)a consignee. See Montana Code 30-9A-102
- Filing office: means an office designated in 30-9A-501 as the place to file a financing statement. See Montana Code 30-9A-102
- Financing statement: means a record or records composed of an initial financing statement and any filed record relating to the initial financing statement. See Montana Code 30-9A-102
- New debtor: means a person that becomes bound as debtor under 30-9A-203(4) by a security agreement previously entered into by another person. See Montana Code 30-9A-102
(2)Except as otherwise provided in subsection (3), a financing statement that fails sufficiently to provide the name of the debtor in accordance with 30-9A-503(1) is seriously misleading.
(3)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 30-9A-503(1), the name provided does not make the financing statement seriously misleading.
(4)For purposes of 30-9A-508(2), the “debtor’s correct name” in subsection (3) means the correct name of the new debtor.