| | | section 9-1503, subsection (1)] is seriously misleading as a | | matter of law. Subsection (c) [Maine cite subsection (3)] | | provides an exception: If the financing statement nevertheless | | would be discovered in a search under the debtor's correct name, | | using the filing office's standard search logic, if any, then as | | a matter of law the incorrect name does not make the financing | | statement seriously misleading. A financing statement that is | | seriously misleading under this section is ineffective even if it | | is disclosed by (i) using a search logic other than that of the | | filing office to search the official records, or (ii) using the | | filing office's standard search logic to search a data base other | | than that of the filing office. |
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| | | In addition to requiring the debtor's name and an indication | | of the collateral, Section 9-502(a) [Maine cite section 9-1502, | | subsection (1)] requires a financing statement to provide the | | name of the secured party or a representative of the secured | | party. Inasmuch as searches are not conducted under the secured | | party's name, and no filing is needed to continue the perfected | | status of security interest after it is assigned, an error in the | | name of the secured party or its representative will not be | | seriously misleading. However, in an appropriate case, an error | | of this kind may give rise to an estoppel in favor of a | | particular holder of a conflicting claim to the collateral. See | | Section 1-103. |
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| | | 3. New Debtors. Subsection (d) [Maine cite subsection (4)] | | provides that, in determining the extent to which a financing | | statement naming an original debtor is effective against a new | | debtor, the sufficiency of financing statement should be tested | | against the name of the new debtor. |
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| | | §9-1507.__Effect of certain events on effectiveness of |
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| | | (1)__A filed financing statement remains effective with | | respect to collateral that is sold, exchanged, leased, licensed | | or otherwise disposed of and in which a security interest or | | agricultural lien continues, even if the secured party knows of | | or consents to the disposition. |
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| | | (2)__Except as otherwise provided in subsection (3) and | | section 9-1508, a financing statement is not rendered ineffective | | if, after the financing statement is filed, the information | | provided in the financing statement becomes seriously misleading | | under section 9-1506. |
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| | | (3)__If a debtor so changes its name that a filed financing | | statement becomes seriously misleading under section 9-1506: |
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