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Can you summarize NHRS 382-A:9-506?
UNIFORM COMMERCIAL CODE > Effect of Errors or Omissions.
Short Summary
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, addresses the effect of errors or omissions in financing statements. A financing statement that substantially satisfies the requirements of this part is considered effective, even if it contains minor errors or omissions, unless these errors or omissions make the financing statement seriously misleading. However, if a financing statement fails to provide the name of the debtor in accordance with Section 9-503(a), it is considered seriously misleading. Nevertheless, if a search of the filing office’s records under the debtor’s correct name would reveal a financing statement that also fails to provide the debtor’s name sufficiently, the name provided in the financing statement does not make it seriously misleading. The term ‘debtor’s correct name’ refers to the correct name of the new debtor for the purposes of Section 9-508(b).
Whom does it apply to?
Creditors and debtors involved in financing statements
What does it govern?
Effect of Errors or Omissions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire