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If a debtor changes the name on their driver’s license, do we lose our lien priority? – IBA Compliance Connection

IBA Compliance Connection

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If a debtor changes the name on their driver’s license, do we lose our lien priority?

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If a loan is secured by a “blanket” financing statement, and the borrower has changed its name, the bank must amend the financing statement with the new name within four months in order to retain perfection over any after-acquired property. 810 ILCS 5/9-507(c).