New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 6 - BUSINESS PRACTICES - UNIFORM COMMERCIAL CODE
Part 2 - FILING PROVISIONS
Section 12.6.2.206 - DATA ENTRY OF NAMES NO DESIGNATED FIELDS

Universal Citation: 12 NM Admin Code 12.6.2.206

Current through Register Vol. 35, No. 18, September 24, 2024

A UCC document that is an initial financing statement or an amendment that adds a debtor to a financing statement and that fails to specify whether the debtor is an individual or an organization will be refused by the filing office. However, if it is accepted for filing in error, the following rules shall apply.

A. Identification of organizations. When not set forth in a field designated for individual names, a name is treated as an organization name if it contains words or abbreviations that indicate status such as the following and similar words or abbreviations in foreign languages: association, church, college, company, co., corp., corporation, inc., limited, ltd., club, foundation, fund, L.L.C., limited liability company, institute, society, union, syndicate, GmBH, S.A. de C.V., limited partnership, L.P., limited liability partnership, L.L.P., trust, business trust, co-op, cooperative and other designations established by statutes to indicate a statutory organization. In cases where organization or individual status is not designated by the filer and is not clear, the filing office will use its own judgment.

B. Identification of individuals. A name is entered as the name of an individual and not the name of an organization when the name is followed by a title substantially similar to one of the following titles, or the equivalent of one of the following titles in a foreign language: proprietor, sole proprietor, proprietorship, sole proprietorship, partner, general partner, president, vice president, secretary, treasurer, M.D., O.D., D.D.S., attorney at law, Esq., accountant, CPA. In such cases, the title is not entered.

C. Individual and organization names on a single line. Where it is apparent that the name of an individual and the name of an entity are stated on a single line and not in a designated individual name field, the name of the individual and the name of the entity shall be entered as two separate debtors, one as an individual and one as an entity.

D. Individual names. The failure to designate the individual's surname of an individual debtor in an initial financing statement or an amendment adding such debtor to a financing statement will cause a filing to be refused. If the filing is accepted in error, or if only the individual's surname is designated, the following data entry rules apply.

(1) Freestanding initials. An initial in the first position of the name is treated as a first personal name. An initial in the second position of the name is treated as additional name(s) or initial(s).

(2) Combined initials and names. An initial and a name to which the initial apparently corresponds is entered into one name field only [e.g. "D. (David)" in the name "John D. (David) Rockefeller" is entered as "John" (first personal name); "D. (David)" (additional name(s) or initial(s)); "Rockefeller" (individual's surname)].

(3) Multiple individual names on a single line. Two individual names contained in a single line are entered as two, different debtors on separate debtor lines [e.g. the debtor name "John and Mary Smith" is entered as two debtors: "John Smith", and "Mary Smith"]. Otherwise, more than one debtor in a single line will cause the filing to be refused pursuant to Subsection A of 12.6.2.28 NMAC [e.g. the debtor names "John Smith dba Smith Auto Sales"].

(4) One word names. A one word name is entered as a individual's surname [e.g. "Cher" is treated as a individual's surname].

(5) Nicknames. A nickname is entered in the name field together with the name preceding the nickname, or if none, then as the first personal name (e.g., "William (Bill) Jones").

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