![]() § 544 to determine that Live Oak's UCC-1s did not provide Live Oak with a perfected security interest in its collateral based on this seemingly minor error. However, the UCC-1s recited 1944's name as "1944 Beach Blvd., LLC" instead of the correct name, "1944 Beach Boulevard, LLC." Within a bankruptcy case filed by 1944, it filed an adversary proceeding under 11 U.S.C. In the 1944 Beach Boulevard case, Live Oak Banking Company (Live Oak) made a secured loan to 1944 Beach Boulevard, LLC (1944) and filed two UCC-1s with the Registry in an attempt to perfect its security interests in its collateral. ![]() Specifically, if a search using a debtor's correct name in a UCC filing office using that office's "standard search logic, if any," would disclose the existence of the financing statement containing the error, the error in the name does not make that financing statement seriously misleading. ![]() The Registry search function and corresponding results are important because the UCC contains a conditional statutory safe harbor tied to the search logic utilized. § 679.5031(1), and thus ineffective to perfect a creditor's security interest in the collateral described therein. A financing statement is deemed to be "seriously misleading" with respect to the debtor's name if it fails sufficiently to provide the name of the debtor in accordance with Fla. It can be effective "even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading." ( Fla. To be deemed sufficient to perfect a security interest in personal property, a UCC-1 must contain the name of the debtor, the name of the secured party, and description of the collateral. The commands "Previous" and "Next" appear on the results screen, allowing the user to navigate forward and backward through all the names and all financing statements in the Registry. The Registry provides an online database that can be searched using a debtor's name, and the results display an alphabetical name list with 20 entries and the exact or nearest match at the top of the search results screen. In Florida, perfection of a security interest in personal property occurs when a sufficient UCC-1 financing statement (a UCC-1) is filed with the Registry. SC21-1717 holding that Article 9 of the Florida Uniform Commercial Code (the UCC) is unforgiving with respect to any error in the debtor's name contained in a UCC-1 financing statement filed with the Florida Secured Transaction Registry (the Registry). On August 25, 2022, the Florida Supreme Court issued an opinion in 1944 Beach Boulevard, LLC v. ![]()
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