Section 45.29.506. Effect of errors or omissions.

   (a) A financing statement substantially satisfying the requirements of AS 45.29.501 - 45.29.525 is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading.
   (b) Except as otherwise provided in (c) of this section, a financing statement that fails sufficiently to provide the name of the debtor in accordance with AS 45.29.503(a) is seriously misleading.
   (c) 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 AS 45.29.503(a), the name provided does not make the financing statement seriously misleading.
   (d) For purposes of AS 45.29.508(b), the "debtor's correct name" in (c) of this section means the correct name of the new debtor.

Authorities

45.29.507;45.29.508

Notes

References

AS 45.29.507 Effect of certain events on effectiveness of financing statement.
AS 45.29.508 Effectiveness of financing statement if new debtor becomes bound by security agreement.

History

(Sec. 1 ch 113 SLA 2000)