The National Conference of Commissioners on Uniform State Laws (NCCUSL) has reached some resolution regarding individual debtor name issues.
As you may recall, RA9 does not clearly define the "correct" name for an individual, which has led to a number of courts being forced to define the issue wiht varying levels of inconsistency. In addition, it has led several states (e.g. Texas and Virginia) to pass legislation which designates the individual's Drivers License (or Government ID card) as the baseline standard for the "correct" debtor name to be used on a financing statement. In an attempt to create a national standard, the NCCUSL is discussing possible amendments to the RA9 statute.
Representatives from CT Lien Solutions will attend the NCCUSL RA9 Committee meetings later this year, where the matter will be discussed further and likely set forth for ifnal adoption. If NCCUSL passes the amended language, legislation will likely be introduced in each state over the next 1-2 years. We will continue to monitor and report on all developments.
