Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wp-migrate-db domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /srv/app/gotoiba-dev/htdocs/web/wp-includes/functions.php on line 6121
We know that we now have to examine a business’s “public organic record” for the debtor’s name, but what do we do if there are multiple versions of a business’s names within its Articles of Incorporation? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

We know that we now have to examine a business’s “public organic record” for the debtor’s name, but what do we do if there are multiple versions of a business’s names within its Articles of Incorporation?

—

by

If a debtor’s public organic record shows more than one version of the business’s name, the bank has a few choices, and we cannot advise as to which method is the best solution. One option would be to request that the debtor file an amendment, as the most recent amendment to or restatement of a public organic record trumps any previous versions. 810 ILCS 5/9-503(a). A more workable solution may be to simply file two (or more) financing statements, one for each version of the name represented on the business’s public organic record.