florida secured transaction registry search

Florida secured transaction registry search code#

only if the name that is stated to be the registered organization’s name on the public organic record most recently filed with or issued or enacted by the registered organization’s jurisdiction of organization that purports to state, amend, or restate the registered organization’s name.Īccording to that standard there was and could be no dispute that Live Oak got the debtor’s name wrong on its financing statement. If the debtor is a registered organization. And a financing statement sufficiently provides the name of the debtor: A financing statement is sufficient only if it: (a) provides the name of the debtor (b) provides the name of the secured party or a representative of the secured party and (c) indicates the collateral covered by the financing statement. Florida’s UCC statute, like the model version of Article 9, requires just three elements for a typical non-fixture financing statement. And as with Casement, it was a statute that sealed Live Oak’s fate. An abbreviation condemned the security interest as sure as a comma did for Sir Roger Casement. Whether Live Oak’s $3 million loan to Beach Boulevard was a secured or unsecured claim turned on the consequences of this mistake. The financing statements identified the debtor as “1944 Beach Blvd., LLC” rather than by its legal name of “1944 Beach Boulevard, LLC,” which is the name of the organization as it appeared in the articles of organization filed with the Florida Secretary of State. Live Oak had filed two financing statements with the Florida Secured Transactions Registry. Section 544 confers on trustees and debtors in possession the status of a hypothetical perfected lien creditor with priority over all unperfected security interests, along with the power to avoid liens that are defective under applicable law as of the date of the bankruptcy petition. (In re NRP Lease Holdings, LLC), 20 F.4th 746 (11th Cir.

Florida secured transaction registry search code#

To the long list of things people love about lawyers we can add last week’s holding by the Eleventh Circuit Court of Appeals that “Blvd.” is utterly unrecognizable as “Boulevard” – at least by Article 9 of the Uniform Commercial Code as enacted in Florida.ĭebtor 1944 Beach Boulevard, LLC invoked section 544 of the Bankruptcy Code to avoid creditor Live Oak Banking Company’s blanket lien on Beach Boulevard’s assets.