Tennessee § 47-9-503 - Name of debtor and secured party

§ 47-9-503. Name of debtor and secured party

Sufficiency of debtor's name. A financing statement sufficiently provides the name of the debtor: Except as otherwise provided in subdivision (a)(3), if the debtor is a registered organization or the collateral is held in a trust that is a registered organization, only if the financing statement provides the name that is stated to be the registered organization's name on the public organic record most recently filed with or issued or enacted by the registered organization's jurisdiction of organization which purports to state, amend, or restate the registered organization's name; Subject to subsection (f), if the collateral is being administered by the personal representative of a decedent, only if the financing statement provides, as the name of the debtor, the name of the decedent and, in a separate part of the financing statement, indicates that the collateral is being administered by a personal representative; If the collateral is held in a trust that is not a registered organization, only if the financing statement: Provides, as the name of the debtor: If the organic record of the trust specifies a name for the trust, the name specified; or If the organic record of the trust does not specify a name for the trust, the name of the settlor or testator; and In a separate part of the financing statement: If the name is provided in accordance with subdivision (a)(3)(A)(i), indicates that the collateral is held in a trust; or If the name is provided in accordance with subdivision (a)(3)(A)(ii), provides additional information sufficient to distinguish the trust from other trusts having one (1) or more of the same settlors or the same testator and indicates that the collateral is held in a trust, unless the additional information so indicates; Subject to subsection (g), if the debtor is an individual to whom this state has issued a driver license or a photo identification license (pursuant to § 55-50-336) that has not expired, only if the financing statement provides the name of the individual which is indicated on the driver license or photo identification license; If the debtor is an individual to whom subdivision (a)(4) does not apply, only if the financing statement provides the individual name of the debtor or the surname and first personal name of the debtor; and In other cases: If the debtor has a name, only if the financing statement provides the organizational name of the debtor; and If the debtor does not have a name, only if it provides the names of the partners, members, associates, or other persons comprising the debtor, in a manner that each name provided would be sufficient if the person named were the debtor. Additional debtor-related information. A financing statement that provides the name of the debtor in accordance with subsection (a) is not rendered ineffective by the absence of: A trade name or other name of the debtor; or Unless required under subdivision (a)(6)(B), names of partners, members, associates, or other persons comprising the debtor. Debtor's trade name insufficient. A financing statement that provides only the debtor's trade name does not sufficiently provide the name of the debtor. Representative capacity. Failure to indicate the representative capacity of a secured party or representative of a secured party does not affect the sufficiency of a financing statement. Multiple debtors and secured parties. A financing statement may provide the name of more than one (1) debtor and the name of more than one (1) secured party. Name of decedent. The name of the decedent indicated on the order appointing the personal representative of the decedent issued by the court having jurisdiction over the collateral is sufficient as the “name of the decedent” under subsection (a)(2). Multiple driver licenses or photo identification licenses. If this state has issued to an individual more than one (1) driver license or photo identification license of a kind described in subdivision (a)(4), the one that was issued most recently is the one to which subdivision (a)(4) refers. Definition. In this section, the “name of the settlor or testator” means: If the settlor is a registered organization, the name that is stated to be the settlor's name on the public organic record most recently filed with or issued or enacted by the settlor's jurisdiction of organization which purports to state, amend, or restate the settlor's name; or In other cases, the name of the settlor or testator indicated in the trust's organic record. Acts 2000, ch. 846, § 1; 2008, ch. 648, § 1; 2008, ch. 1109, §§ 1, 2; 2012, ch. 708, § 13. Compiler's Notes. Former part 5, §§ 47-9-501 — 47-9-507 (Acts 1963, ch. 81, § 1 (9-501 — 9-507 ); 1985, ch. 404, §§ 31-34), concerning default, was repealed and replaced in the revision of chapter 9 of the Uniform Commercial Code by Acts 2000, ch. 846, § 1, effective July 1, 2001. Acts 2008, ch. 648, § 3 provided that it is the legislative intent to create a broad safe harbor for the use of a debtor's name in any form permitted by the act, which amended § 47-9-503(a)(1) , added § 47-9-503(a)(4) and amended § 47-9-516(b)(3)(D) . To this end, the act applies to any filings made both before and after May 1, 2008; provided, however, that any filing made prior to May 1, 2008, that was validly filed but that does not conform to the requirements of the act shall continue to be valid and nevertheless benefit from the safe harbor created and no amendment shall be required to conform to the requirements of the act. Amendment Notes. The 2012 amendment, effective July 1, 2013, rewrote (a) which read: “(a) Sufficiency of debtor's name . A financing statement sufficiently provides the name of the debtor:“(1) If the debtor is a registered organization, only if the financing statement provides the name of the debtor indicated on the debtor's formation documents that are filed of public record in the debtor's jurisdiction of organization to create the registered organization and that show the debtor to have been organized, including any amendments to those documents for the express purpose of amending the debtor's name;“(2) If the debtor is a decedent's estate, only if the financing statement provides the name of the decedent and indicates that the debtor is an estate;“(3) If the debtor is a trust or a trustee acting with respect to property held in trust, only if the financing statement: “(A) Provides the name specified for the trust in its organic documents or, if no name is specified, provides the name of the settlor and additional information sufficient to distinguish the debtor from other trusts having one (1) or more of the same settlors; and“(B) Indicates, in the debtor's name or otherwise, that the debtor is a trust or is a trustee acting with respect to property held in trust;”“(4) If the debtor is an individual, if the financing statement provides the individual's name shown on the individual's driver's license or identification license issued by the individual's state of residence; and“(5) In other cases:“(A) If the debtor has a name, only if it provides the individual or organizational name of the debtor; and“(B) If the debtor does not have a name, only if it provides the names of the partners, members, associates or other persons comprising the debtor.”; substituted “subdivision (a)(6)(B)” for “subsection (a)(4)(B)” in (b)(2); rewrote (f) which read “For purposes of this part, ‘identification license issued by the individual's state of residence’ as used in subdivision (a)(4) means:“(1) For a resident of this state, the photo identification license authorized by § 55-50-336 ; or“(2) For an individual not a resident of this state, an equivalent state-issued identification license issued by the state of the individual's residence in lieu of a driver's license.”; and added (g) and (h). Effective Dates. Acts 2012, ch. 708, § 22. July 1, 2013; provided, that, for the purpose of the secretary of state taking necessary actions for the implementation of the act, the act shall take effect April 11, 2012.