2017 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 079 - Secured Transactions
Section 79.0506 - UCC 9-506. Effect of errors or omissions.

Universal Citation: OR Rev Stat § 79.0506 (2017)

(1) A financing statement substantially satisfying the requirements of ORS 79.0501 to 79.0528 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 (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 (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 (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]

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