Rudolph J. DiMassa Jr. and Keri L. Wintle of Duane Morris. Courtesy photos Lender's Abbreviation of Debtor's Middle Name on Financing Statements Was 'Seriously Misleading'
Because the financing statements identified the individual debtor with his middle name abbreviated, the court concluded that the financing statements were defective and, therefore, that the lender's security interest had not been perfected.
August 12, 2021 at 11:17 AM
8 minute read
Bankruptcy
In In re Bryant, (Bankr. M.D. Ga. June 7, 2021), the U.S. Bankruptcy Court for the Middle District of Georgia determined that a lender's UCC-1 financing statements were "seriously misleading" under the Georgia Commercial Code. Because the financing statements identified the individual debtor with his middle name abbreviated, the court concluded that the financing statements were defective and, therefore, that the lender's security interest had not been perfected.
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