Substantial compliance with Article 9's financing statement requirements is sufficient for a valid perfection,despite minor errors in the statement that are not seriously misleading.

Question

Quizplus · Accepted Answer

According to the Uniform Commercial Code (UCC) §9-506, a financing statement that substantially complies with the requirements of §9-502 and §9-503 is sufficient for a valid perfection. The UCC also states that minor errors or omissions that are not seriously misleading do not affect the validity of the financing statement.

Substantial Compliance with Article 9's Financing Statement Requirements Is Sufficient