Banking
Nov. 23, 1999
Precise Words
Precise Words A secured lender must amend its financing statement if its debtor changes its name, or the lender will lose its perfected security interest in after-acquired collateral.
A financing statement is designed to alert a potential creditor to the possibility of a pre-existing security interest in collateral with which it intends to secure a loan. See In re Atlas Technologies Inc., 78 B.R. 394 (E.D.N.Y. 1987). Under Uniform Commercial Code Section 9-402(8), codified as Cal...
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