| | | 9-1102] (definition of "consignment"), 9-109(a)(4) [Maine cite | | section 9-1109, subsection (1), paragraph (d)], 1-201(37) | | (definition of "security interest"). Nevertheless, it maintains | | the distinction between a (true) "consignment," as to which only | | certain aspects of Article 9 [Maine cite Article 9-A] apply, and | | a so-called consignment that actually "secures an obligation," to | | which Article 9 [Maine cite Article 9-A] applies in full. The | | revisions to this section reflect the change in terminology. |
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| | | §9-1506.__Effect of errors or omissions |
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| | | (1)__A financing statement substantially satisfying the | | requirements of this part 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), a | | financing statement that fails sufficiently to provide the name | | of the debtor in accordance with section 9-1503, subsection (1) | | is seriously misleading. |
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| | | (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 | | section 9-1503, subsection (1), the name provided does not make | | the financing statement seriously misleading. |
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| | | (4)__For purposes of section 9-1508, subsection (2), the | | "debtor's correct name" in subsection (3) means the correct name | | of the new debtor. |
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| | | 1. Source. Former Section 9-402(8). |
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| | | 2. Errors. Like former Section 9-402(8), subsection (a) | | [Maine cite subsection (1)] is in line with the policy of this | | Article to simplify formal requisites and filing requirements. | | It is designed to discourage the fanatical and impossibly refined | | reading of statutory requirements in which courts occasionally | | have indulged themselves. Subsection (a) [Maine cite subsection | | (1)] provides the standard applicable to indications of | | collateral. Subsections (b) and (c) [Maine cite subsections (2) | | and (3)], which are new, concern the effectiveness of financing | | statements in which the debtor's name is incorrect. Subsection | | (b) [Maine cite subsection (2)] contains the general rule: a | | financing statement that fails sufficiently to provide the | | debtor's name in accordance with | | Section 9-503(a) [Maine cite |
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