Section 45.29.503. Name of debtor and secured party.

   (a) A financing statement sufficiently provides the name of the debtor
        (1) except as otherwise provided in (3) of this subsection, if the debtor is a registered organization or the collateral is held in a trust that is a registered organization, only if the financing statement provides the name that is stated to be the registered organization's name on the public organic record most recently filed with or issued or enacted by the registered organization's jurisdiction of organization that purports to state, amend, or restate the registered organization's name;
        (2) subject to (f) of this section, if the collateral is being administered by the personal representative of a decedent, only if the financing statement provides, as the name of the debtor, the name of the decedent and, in a separate part of the financing statement, indicates that the collateral is being administered by a personal representative;
        (3) if the collateral is held in a trust that is not a registered organization, only if the financing statement
             (A) provides, as the name of the debtor,
                  (i) if the organic record of the trust specifies a name for the trust, the name specified; or
                  (ii) if the organic record of the trust does not specify a name for the trust, the name of the settlor or testator; and
             (B) in a separate part of the financing statement,
                  (i) if the name is provided in accordance with (A)(i) of this paragraph, indicates that the collateral is held in a trust; or
                  (ii) if the name is provided in accordance with (A)(ii) of this paragraph, provides additional information sufficient to distinguish the trust from other trusts having one or more of the same settlors or the same testator and indicates that the collateral is held in a trust, unless the additional information so indicates;
        (4) if the debtor is an individual, only if the financing statement provides
             (A) the individual name of the debtor;
             (B) the surname and first personal name of the debtor; or
             (C) subject to (g) of this section, the name of the individual that is indicated on an unexpired driver's license that this state has issued to the individual or on an unexpired identification card issued to the individual under AS 18.65.310; and
        (5) in other cases, if the debtor
             (A) has a name, only if the financing statement provides the organizational name of the debtor; and
             (B) does not have a name, only if the financing statement provides the names of the partners, members, associates, or other persons of which the debtor is composed, in a manner that each name provided would be sufficient if the person named were the debtor.
   (b) A financing statement that provides the name of the debtor in accordance with (a) of this section is not rendered ineffective by the absence of
        (1) a trade name or other name of the debtor; or
        (2) unless required under (a)(5)(B) of this section, names of partners, members, associates, or other persons of which the debtor is composed.
   (c) A financing statement that provides only the debtor's trade name does not sufficiently provide the name of the debtor.
   (d) Failure to indicate the representative capacity of a secured party or representative of a secured party does not affect the sufficiency of a financing statement.
   (e) A financing statement may provide the name of more than one debtor and the name of more than one secured party.
   (f) The name of the decedent indicated on the order appointing the personal representative of the decedent issued by the court having jurisdiction over the collateral is sufficient as the name of the decedent under (a)(2) of this section.
   (g) If this state has issued to an individual more than one driver's license, more than one identification card under AS 18.65.310, or both an identification card under AS 18.65.310 and a driver's license, the driver's license or identification card that was issued the most recently is the one to which (a)(4)(C) of this section refers.
   (h) In this section, "name of the settlor or testator" means,
        (1) if the settlor is a registered organization, the name that is stated to be the settlor's name on the public organic record most recently filed with or issued or enacted by the settlor's jurisdiction of organization that purports to state, amend, or restate the settlor's name; or
        (2) in cases other than those described in (1) of this subsection, the name of the settlor or testator indicated in the trust's organic record.

Authorities

45.29.506;45.29.507;45.29.805;45.29.806

Notes

Implemented As

11 AAC 06.051

References

AS 45.29.506 Effect of errors or omissions.
AS 45.29.507 Effect of certain events on effectiveness of financing statement.
AS 45.29.805 Effectiveness of action taken before July 1, 2013.
AS 45.29.806 When initial financing statement suffices to continue effectiveness of financing statement.

History

(Sec. 1 ch 113 SLA 2000; am Sec. 17 - 19 ch 64 SLA 2013)