Current through Register Vol. 48, No. 38, September 20, 2024
a) Errors of the filing office. The filing
officer may correct the errors of filing office personnel in the UCC
information management system at any time. If the correction occurs after the
filing officer has issued a certification date, the filing officer shall file a
filing officer correction statement in the UCC information management system
identifying the record to which it relates and the date of the correction and
explaining the nature of the corrective action taken. The record shall be
preserved as long as the record of the initial financing statement is preserved
in the UCC information management system.
1)
In the case of a data entry error that caused the record in the UCC information
management system to be different from the originally submitted document, the
record indexed in the management system will be corrected to correspond with
the originally submitted record.
2)
In the case of an error on the part of the filer that is noticed after a
certification date has been issued, the filing office is under no obligation to
make the corrections. It is the responsibility of the filer to correct any
errors pursuant to Sections 9-511, 9-512 and 9-518 of the UCC [810 ILCS
5/9-511, 9 -512 and 9-518].
b) Data entry of names - designated fields. A
filing should designate whether a name is a name of an individual or an
organization. If the name is that of an individual, the first, middle and last
names and any suffix shall be given.
1)
Organization names. Organization names are entered into the UCC information
management system exactly as set forth in the UCC record, even if it appears
that multiple names are set forth in the record, or if it appears that the name
of an individual has been included in the field designated for an organization
name.
2) Individual names. On a
form that designates separate fields for the individual's surname, first
personal name, and additional names/initials, the filing officer enters the
names into the respective fields in the UCC information management system
exactly as set forth on the form.
3) Designated fields encouraged. The filing
office encourages the use of forms that designate separate fields for
individual and organization names and separate fields for first, middle, and
last names and any suffix. Such forms diminish the possibility of filing office
error and help assure that filers' expectations are met. However, filers should
be aware that the inclusion of names in an incorrect field or failure to
transmit names accurately to the filing office may cause filings to be
ineffective.
c) Notice
of bankruptcy. The filing officer shall take no action upon receipt of a
notification, formal or informal, of a bankruptcy proceeding involving a debtor
named in the UCC information management system.
