(1) A financing statement substantially satisfying the requirements of ORS § 79.0501 to 79.0528 is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading.

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(2) Except as otherwise provided in subsection (3) of this section, a financing statement that fails sufficiently to provide the name of the debtor in accordance with ORS § 79.0503 (1) is seriously misleading.

(3) Except as otherwise provided in subsection (4) of this section, 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 ORS § 79.0503 (1), the name provided does not make the financing statement seriously misleading.

(4) If the filing office’s standard search logic so changes that a search of the records of the filing office under the debtor’s correct name, using the changed search logic, would not disclose a financing statement previously deemed not to be seriously misleading by reason of subsection (3) of this section, the financing statement is effective except against a purchaser of the collateral which gives value in reasonable reliance upon a search using the changed search logic.

(5) For purposes of ORS § 79.0508 (2), the ‘debtor’s correct name’ in subsections (3) and (5) of this section means the correct name of the new debtor. [2001 c.445 § 77]