3. Consequences of Accepting Rejectable Record. Section 9- 516(b) [Maine cite section 9-1516, subsection (2)] includes among the reasons for rejecting an initial financing statement the failure to give certain information that is not required as a condition of effectiveness. In conjunction with Section 9- 516(b)(5) [Maine cite section 9-1516, subsection (2), paragraph (e)], this section requires the filing office to refuse to accept a financing statement that is legally sufficient to perfect a security interest under Section 9-502 [Maine cite section 9-1502] but does not contain a mailing address for the debtor, does not disclose whether the debtor is an individual or an organization (e.g., a partnership or corporation) or, if the debtor is an organization, does not give certain specified information concerning the organization. The information required by Section 9-516(b)(5) [Maine cite section 9-1516, subsection (2), paragraph (e)] assists searchers in weeding out "false positives," i.e., records that a search reveals but which do not pertain to the debtor in question. It assists filers by helping to ensure that the debtor's name is correct and that the financing statement is filed in the proper jurisdiction.

If the filing office accepts a financing statement that does not give this information at all, the filing is fully effective. Section 9-520(c) [Maine cite section 9-1520, subsection (3)]. The financing statement also generally is effective if the information is given but is incorrect; however, Section 9-338 [Maine cite section 9-1338] affords protection to buyers and holders of a perfected security interests who gives value in reasonable reliance upon the incorrect information.

4. Filing Office's Duties with Respect to Rejected Record. Subsection (b) [Maine cite subsection (2)] requires the filing office to communicate the fact of rejection and the reason therefor within a fixed period of time. Inasmuch as a rightfully rejected record is ineffective and a wrongfully rejected record is not fully effective, prompt communication concerning any rejection is important.

5. Partial Effectiveness of Record. Under subsection (d) [Maine cite subsection (4)], the provisions of this Part apply to each debtor separately. Thus, a filing office may reject an initial financing statement or other record as to one named debtor but accept it as to the other.