57A-9-503. Name of debtor and secured party.
(a) A financing statement sufficiently provides the name of the debtor:
(1)Except as otherwise provided in paragraph (3), if the debtor is a registered organization or the collateral is held in a trust that is a registered organization, only if the financing statement provides 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 which purports to state, amend, or restate the registered organization's name;
(2)Subject to subsection (f), if the collateral is being administered by the personal representative of a decedent, only if the financing statement provides, as the name of the debtor, the name of the decedent and, in a separate part of the financing statement, indicates that the collateral is being administered by a personal representative;
(3)If the collateral is held in a trust that is not a registered organization, only if the financing statement:
(A)Provides, as the name of the debtor:
(i)If the organic record of the trust specifies a name for the trust, the name so specified; or
(ii)If the organic record of the trust does not specify a name for the trust, the name of the settlor or testator; and
(B)In a separate part of the financing statement:
(i)If the name is provided in accordance with subparagraph (A)(i), indicates that the collateral is held in a trust; or
(ii)If the name is provided in accordance with subparagraph (A)(ii), provides additional information sufficient to distinguish the trust from other trusts having one or more of the same settlors or the same testator and indicates that the collateral is held in a trust, unless the additional information so indicates;
(4)Subject to subsection (g), if the debtor is an individual to whom this state has issued a driver license that has not expired, only if it provides the name of the individual which is indicated on the driver license;
(5)If the debtor is an individual to whom paragraph (4) does not apply, only if it provides the individual name of the debtor or the surname and first personal name of the debtor; and
(6)In other cases:
(A)If the debtor has a name, only if provides the organizational name of the debtor; and
(B)If the debtor does not have a name, only if it provides the names of the partners, members, associates, or other persons comprising the debtor in a manner that each name provided would be sufficient if the person named were the debtor.
(b) A financing statement that provides the name of the debtor in accordance with subsection (a) is not rendered ineffective by the absence of:
(1)A trade name or other name of the debtor; or
(2)Unless required under subsection (a)(6)(B), names of partners, members, associates, or other persons comprising the debtor.
(c) A financing statement that provides only the debtor's trade name does not sufficiently provide the name of the debtor.
(d) Failure to indicate the representative capacity of a secured party or representative of a secured party does not affect the sufficiency of a financing statement.
(e) A financing statement may provide the name of more than one debtor and the name of more than one secured party.
(f) The name of the decedent indicated on the order appointing the personal representative of the decedent issued by the court having jurisdiction over the collateral is sufficient as the "name of the decedent" under subsection (a)(2).
(g) If this state has issued to an individual more than one driver license of a kind described in subsection (a)(4), the one that was issued most recently is the one to which subsection (a)(4) refers.
(h) In this section, the "name of the settlor or testator" means:
(1)If the settlor is a registered organization, the name of the registered organization indicated on the public organic record filed with or enacted by the registered organization; or
(2)In other cases, the name of the settlor or testator indicated in the trust's organic record.
Source: SL 2000, ch 231; SL 2012, ch 238, ยง11, eff. July 1, 2013.
Structure South Dakota Codified Laws
Title 57A - Uniform Commercial Code
Chapter 09 - Secured Transactions
Section 57A-9-101 - Short title.
Section 57A-9-102 - Definitions and index of definitions.
Section 57A-9-104 - Control of deposit account.
Section 57A-9-105 - Control of electronic chattel paper.
Section 57A-9-106 - Control of security, security settlement, or commodity contract.
Section 57A-9-107 - Control of letter-of-credit right.
Section 57A-9-108 - Sufficiency of description of property.
Section 57A-9-109 - Application of chapter.
Section 57A-9-110 - Provisions governing security interests arising under other sections.
Section 57A-9-202 - Immateriality of title to collateral.
Section 57A-9-204 - Interest in after-acquired collateral.
Section 57A-9-207 - Rights and duties of secured party having possession or control of collateral.
Section 57A-9-208 - Additional duties of secured party having control of collateral.
Section 57A-9-210 - Response to request for accounting, statement of account, or list of collateral.
Section 57A-9-301 - Law governing perfection, effect of perfection or nonperfection, and priority.
Section 57A-9-302 - Law governing perfection and priority issues relating to farm products.
Section 57A-9-307 - Location of debtor.
Section 57A-9-308 - What constitutes perfection of security interest or agricultural lien.
Section 57A-9-309 - Security interests that are perfected when they attach.
Section 57A-9-313 - Perfection by taking possession of collateral or by delivery.
Section 57A-9-314 - Perfection by control of collateral.
Section 57A-9-316 - Effect of change in governing law.
Section 57A-9-318 - Effect of sale of collateral on rights of debtor.
Section 57A-9-319 - Rights of consignee in relation to creditors and purchasers.
Section 57A-9-324 - Priority of perfected purchase money security interest.
Section 57A-9-326 - Subordination of security interest created by new debtor.
Section 57A-9-327 - Priority among conflicting security interests in same deposit account.
Section 57A-9-328 - Priority among conflicting security interests in same investment property.
Section 57A-9-329 - Priority among conflicting security interests in same letter-of-credit right.
Section 57A-9-330 - Priority of rights of purchaser of chattel paper--Priority in proceeds.
Section 57A-9-332 - Transferee of money or funds from deposit account.
Section 57A-9-333 - "Possessory lien"--Priority over security interest.
Section 57A-9-334 - Security interest in fixtures--Priority--Security interest in growing crops.
Section 57A-9-335 - Security interest in accession--Collateral that becomes an accession.
Section 57A-9-339 - Subordination by agreement.
Section 57A-9-401 - Transferability of debtor's rights.
Section 57A-9-402 - Secured party's liability for debtor's acts or omissions.
Section 57A-9-403 - "Value"--Agreement not to assert claims or defenses against assignee.
Section 57A-9-404 - Claims and defenses assertable against assignee.
Section 57A-9-405 - Effect of modification or substitution of assigned contract.
Section 57A-9-407 - Ineffective prohibitions or restrictions in lease agreement.
Section 57A-9-501.1 - Validation of noncomplying statements.
Section 57A-9-503 - Name of debtor and secured party.
Section 57A-9-504 - Sufficiency of description of collateral.
Section 57A-9-506 - Substantial compliance with requirements.
Section 57A-9-507 - Continuing effectiveness of filed financing statement.
Section 57A-9-508 - Effect of new debtor's rights in collateral.
Section 57A-9-509 - Authority to file financing statement or amendment adding collateral or debtor.
Section 57A-9-510 - Effectiveness of filed record.
Section 57A-9-511 - Person constituting secured party of record.
Section 57A-9-512 - Procedure for amending financing statement--Effectiveness.
Section 57A-9-513 - Termination statement.
Section 57A-9-515 - Effective period for filed financing statement--Effect of lapse.
Section 57A-9-516 - What constitutes filing--Refusal to accept for filing--Effect.
Section 57A-9-517 - Effect of incorrect indexing of record.
Section 57A-9-518 - Information statement regarding record.
Section 57A-9-519 - Duties of filing office in dealing with records.
Section 57A-9-520 - Refusal by filing office to accept record.
Section 57A-9-521 - Forms for financing statement, amendment to statement, and addendum for either.
Section 57A-9-524 - Excuses for filing office failure to meet time limits.
Section 57A-9-525 - Fees for filing and indexing records.
Section 57A-9-525.2 - Central filing system--Promulgation of regulations.
Section 57A-9-525.3 - Central agricultural security interest filing system--Adoption of rules.
Section 57A-9-525.4 - Fee for crop or livestock effective finance statement microfiche master list.
Section 57A-9-526 - Rules and practices for filing offices.
Section 57A-9-527 - Financing statement and annual report filing fee fund.
Section 57A-9-528 - Fees deposited in filing fee fund.
Section 57A-9-529 - Disposition of balance of funds.
Section 57A-9-530 - Combined financing statement for farm products.
Section 57A-9-602 - Waiver or variance of rules by debtor or obligor.
Section 57A-9-603 - Agreement on standards for fulfilling rights and duties.
Section 57A-9-606 - Time of default in connection with agricultural lien.
Section 57A-9-607 - Collection and enforcement by secured party.
Section 57A-9-608 - Application of proceeds--Entitlement to surplus or liability for deficiency.
Section 57A-9-609 - Secured party's rights with respect to collateral following default.
Section 57A-9-609.2 - Farm products fraud--Misdemeanor.
Section 57A-9-610 - Disposition of collateral after default--Treatment of warranties.
Section 57A-9-611 - "Notification date"--Notification of disposition of collateral.
Section 57A-9-612 - Reasonable time for sending notification.
Section 57A-9-613 - Contents of notification--Form.
Section 57A-9-614 - Notice of disposition for consumer goods transaction--Form.
Section 57A-9-617 - Rights of transferee of collateral disposed of after default.
Section 57A-9-618 - Rights and duties of secondary obligor.
Section 57A-9-621 - Persons who must receive secured party's proposal to accept collateral.
Section 57A-9-622 - Effect of acceptance of collateral.
Section 57A-9-623 - Persons who may redeem collateral--Procedure.
Section 57A-9-624 - Waiver of rights.
Section 57A-9-626 - Action in which amount of deficiency or surplus is in issue.
Section 57A-9-628 - Limitations on liability of secured party.
Section 57A-9-701 - Effective date of chapter.
Section 57A-9-703 - Effect of division on security interests enforceable before July 1, 2001.
Section 57A-9-705 - Effect of certain actions prior to July 1, 2001.
Section 57A-9-707 - Pre-effective-date financing statement--Amendment, continuation, termination.
Section 57A-9-801 - Effective date of SL 2012, ch 238.
Section 57A-9-802 - Savings clause.
Section 57A-9-803 - Security interest perfected before effective date.
Section 57A-9-804 - Security interest unperfected before effective date.
Section 57A-9-805 - Effectiveness of action taken before effective date.
Section 57A-9-807 - Amendment of pre-effective-date financing statement.
Section 57A-9-808 - Person entitled to file initial financing statement or continuation statement.