Assuming that the pre-2013 financing statements have not lapsed, we recommend amending the name of the debtor on the UCC-3 form to match the name on the debtor’s driver’s license, instead of adding an additional debtor. Article 9’s 2013 amendments allow you to amend the financing statement to correct the debtor’s name before the financing statement is next due for a renewal (generally five years after the initial filing or the most recent continuation statement).

Conversely, we would advise against adding the debtor’s correct name as an additional debtor, as that might give rise to an argument that any priority lien you may have had was reset to begin at the time the correct name was added. 

For resources related to our guidance, please see:

• Illinois Uniform Commercial Code, 810 ILCS 5/9-807(b) (“After this amendatory Act of the 97th General Assembly takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a pre-effective-date financing statement . . . .”)

• Illinois Uniform Commercial Code, 810 ILCS 5/9-805(e) (“A financing statement that includes a financing statement filed before the effective date of this Amendatory Act of the 97th General Assembly and a continuation statement filed after the effective date . . . is effective only to the extent that it satisfied the requirements of Part 5 . . . .” [The requirements in Part 5 include the requirement to use an individual debtor’s name as it appears on the debtor’s driver’s license, in 810 ILCS 5/9-503(a)(4).])

• Illinois Uniform Commercial Code, 810 ILCS 5/9-515(a) (“Except as otherwise provided in subsections (b), (e), (f), and (g), a filed financing statement is effective for a period of five years after the date of filing.”)