Avoiding Pitfalls in Article 9 Financing Statements
A recent opinion by the United States Court of Appeals for the Eleventh Circuit highlights the importance of obtaining and including a borrower’s correct name in the Form UCC-1 to be filed in the Virginia State Corporation Commission and other jurisdictions with statutory provisions similar to that of Virginia. In the case of 1944 Beach Boulevard, LLC v. Live Oak Banking Company, 2022 U.S. App. LEXIS 27330, the Court found that the Uniform Commercial Code financing statements filed by Live Oak with the Florida Secretary of State was “seriously misleading” because Live Oak listing the Debtor’s Name as “1944 Beach […]