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Can you summarize NVRS 104.9506?
Uniform Commercial CodeOriginal Articles > Effect of errors or omissions in financing statement.
Short Summary
This legal document, found in the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, addresses the effect of errors or omissions in financing statements. It states that a financing statement that substantially satisfies the requirements of this part is effective, even if it has minor errors or omissions, unless they make the financing statement seriously misleading. However, if a financing statement fails to provide the name of the debtor in accordance with the specified subsection, it is considered seriously misleading. The document also clarifies that if a search of the filing office’s records under the debtor’s correct name would reveal a financing statement that fails to provide the debtor’s name correctly, the name provided in the financing statement does not make it seriously misleading. Additionally, it defines the debtor’s correct name as the correct name of the new debtor for the purposes of another subsection. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Parties involved in financing statements
What does it govern?
Effect of errors or omissions in financing statement
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada