Partnership Name and Filing UCC Documents

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Question:

My borrower is a general partnership. They have registered a fictitious name for their partnership. Under UCC article 9 do I record UCC documents under the fictitious name of the business or the individual partner names?

Answer:

Article 9 Section 9-503(a)(4) and the accompanying Official Comment indicate that you should file under the name of the partnership. General partnerships are considered organizations and if the organization in question has a name, that name should be used on financing statement and other UCC documents. If an organization does not have a name, then the names of the individual partners would be used. Since your borrower has a name, the UCC documents should be completed using that name.

First published on BankersOnline.com 8/18/03