Illinois General Assembly - Illinois Compiled Statutes

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810 ILCS 5/9-506

(810 ILCS 5/9-506) (from Ch. 26, par. 9-506)

Sec. 9-506.

Effect of errors or omissions.

(a) Minor errors and omissions.  A financing statement
substantially satisfying the requirements of this Part is effective, even if it
has
minor errors or omissions, unless the errors or omissions make the financing
statement seriously misleading.

(b) Financing statement seriously misleading.  Except as
otherwise provided in subsection (c), a financing statement that fails
sufficiently to
provide the name of the debtor in accordance with Section 9-503(a) is seriously
misleading.

(c) Financing statement not seriously misleading.  If a search of
the records of the filing office under the debtor's correct name, using the
filing
office's standard search logic, if any, would disclose a financing statement
that fails
sufficiently to provide the name of the debtor in accordance with Section
9-503(a),
the name provided does not make the financing statement seriously misleading.

(d) "Debtor's correct name."  For purposes of Section 9-508(b),
the "debtor's correct name" in subsection (c) means the correct name of the new
debtor.

(Source: P.A. 91-893, eff. 7-1-01.)