ORS 79.0506
UCC 9-506. Effect of errors or omissions
(1)
A financing statement substantially satisfying the requirements of ORS 79.0501 (UCC 9-501. Filing office) to 79.0528 (Liability of Secretary of State) is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading.(2)
Except as otherwise provided in subsection (3) of this section, a financing statement that fails sufficiently to provide the name of the debtor in accordance with ORS 79.0503 (UCC 9-503. Name of debtor and secured party) (1) is seriously misleading.(3)
Except as otherwise provided in subsection (4) of this section, 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 ORS 79.0503 (UCC 9-503. Name of debtor and secured party) (1), the name provided does not make the financing statement seriously misleading.(4)
If the filing office’s standard search logic so changes that a search of the records of the filing office under the debtor’s correct name, using the changed search logic, would not disclose a financing statement previously deemed not to be seriously misleading by reason of subsection (3) of this section, the financing statement is effective except against a purchaser of the collateral which gives value in reasonable reliance upon a search using the changed search logic.(5)
For purposes of ORS 79.0508 (UCC 9-508. Effectiveness of financing statement if new debtor becomes bound by security agreement) (2), the “debtor’s correct name” in subsections (3) and (5) of this section means the correct name of the new debtor. [2001 c.445 §77]
Source:
Section 79.0506 — UCC 9-506. Effect of errors or omissions, https://www.oregonlegislature.gov/bills_laws/ors/ors079.html.
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