1. Minor errors and omissions. A financing statement substantially satisfying the requirements of this part is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading.
2. Financing statement seriously misleading. Except as otherwise provided in subsection 3, a financing statement that fails sufficiently to provide the name of the debtor in accordance with section 554.9503, subsection 1, is seriously misleading.
3. Financing statement not seriously misleading. 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 section 554.9503, subsection 1, the name provided does not make the financing statement seriously misleading.\n\nTue Dec 09 22:02:42 2025 Iowa Code 2026, Chapter 554 (108, 4) §554.9506, UNIFORM COMMERCIAL CODE 198\n\n 4. Debtor’s correct name. For purposes of section 554.9508, subsection 2, the “debtor’s correct name” in subsection 3 means the correct name of the new debtor. 2000 Acts, ch 1149, §77, 185, 187 Referred to in §554.9507, 554.9508 \n
Notes of Decisions
Herman Ford-Mercury, Inc. v. Betts, 251 N.W.2d 492 (Iowa 1977).
· cites it 2× “A debtor unable or unwilling to exercise his section 554.9506 redemption right may still wish to bid on the property or encourage others to do so to insure a fair sale price which would minimize or eliminate a deficiency.”
Hartford-Carlisle Sav. Bank v. Shivers, 566 N.W.2d 877 (Iowa 1997).
· cites it 2× “A debtor unable or unwilling to exercise his section 554.9506 redemption right may still wish to bid on the property or encourage others to do so to insure a fair sale price which would minimize or eliminate a deficiency.”
Nw. Bank & Trust Co. v. Gutshall, 274 N.W.2d 713 (Iowa 1979).
· cites it 2× “* * * A debtor unable or unwilling to exercise his section 554.9506 redemption right may still wish to bid on the property or encourage others to do so to insure a fair sale price which would minimize or eliminate a deficiency.”
Fed. Deposit Ins. Corp. v. Farrar, 231 N.W.2d 602 (Iowa 1975).
· cites it 2× “A debtor who forfeits his right to redeem and willingly agrees to pay any deficiency remaining after sale has good reason to appear at the sale of his property.”
Keast Enter. Inc. (Bankr. S.D. Iowa 2020).
· cites it 2× “Iowa Code §554.9506 (3). He provides certified reports that show his UCC-1 appearing in searches naming “Russell Keast,” “Keast Enterprises,” and both “Russell Keast,” and “Keast Enterprises, Inc.”
Keast Enter. Inc. (Bankr. S.D. Iowa 2020).
· cites it 2× “Iowa Code §554.9506 (3). He provides certified reports that show his UCC-1 appearing in searches naming “Russell Keast,” “Keast Enterprises,” and both “Russell Keast,” and “Keast Enterprises, Inc.”
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