8.9A-506 - A-506. Effect of errors or omissions. - Virginia Statutes

§ 8.9A-506. Effect of errors or omissions.

(a) Minor errors and omissions. A financing statement substantiallysatisfying the requirements of this part is effective, even if it has minorerrors or omissions, unless the errors or omissions make the financingstatement seriously misleading.

(b) Financing statement seriously misleading. Except as otherwise provided insubsection (c), a financing statement that fails sufficiently to provide thename of the debtor in accordance with § 8.9A-503 (a) is seriously misleading.

(c) Financing statement not seriously misleading. If a search of the recordsof the filing office under the debtor's correct name, using the filingoffice's standard search logic, if any, would disclose a financing statementthat fails sufficiently to provide the name of the debtor in accordance with§ 8.9A-503 (a), the name provided does not make the financing statementseriously misleading.

(d) "Debtor's correct name." For purposes of § 8.9A-508 (b), the "debtor'scorrect name" in subsection (c) means the correct name of the new debtor.

(1964, c. 219, § 8.9-402; 1966, c. 649; 1973, c. 509; 1976, c. 536; 1977, c.539; 1978, cc. 284, 285; 1982, c. 652; 1999, c. 96; 2000, c. 1007.)