Mich. Admin. Code R. 440.408

Current through Vol. 24-10, June 15, 2024

Section R. 440.408 - Data entry of names; no designated fields

Rule 408.

(1) If an initial financing statement or an amendment that adds a debtor to a financing statement fails to specify whether the debtor is an individual or an organization and is accepted for filing in error, then all the following provisions apply:

(a) If 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 any of the following and similar words or abbreviations in foreign languages:

(i) Association.

(ii) Church.

(iii) College.

(iv) Company.

(v) Co.

(vi) Corp.

(vii) Corporation.

(viii) Inc.

(ix) Limited.

(x) Ltd.

(xi) Club.

(xii) Foundation.

(xiii) Fund.

(xiv) L.L.C.

(xv) Limited liability company.

(xvi) Institute.

(xvii) Society.

(xviii) Union.

(xix) Syndicate.

(xx) GmBH.

(xxi) S.A. de C.V.

(xxii) Limited partnership.

(xxiii) L.P.

(xxiv) Limited liability partnership.

(xxv) L.L.P.

(xxvi) Trust.

(xxvii) Business trust.

(xxviii) Co-op.

(xxix) Cooperative.

(xxx) 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 officer shall enter the name in the organization field.

(b) A name is entered as the name of an individual and not the name of an organization if the name is followed by a title substantially similar to 1 of the following titles or the equivalent of 1 of the following titles in a foreign language:

(i) Proprietor.

(ii) Sole proprietor.

(iii) Proprietorship.

(iv) Sole proprietorship.

(v) Partner.

(vi) General partner.

(vii) President.

(viii) Vice president.

(ix) Secretary.

(x) Treasurer.

(xi) M.D.

(xii) O.D.

(xiii) D.D.S.

(xiv) Attorney at law.

(xv) Esq.

(xvi) Accountant.

(xvii) CPA.

(c) If it is apparent that the name of an individual and the name of an organization are stated on a single line and not in a designated individual name field, the name of the individual and the name of the organization must be entered as 1 debtor.

(2) If an initial financing statement or an amendment that adds a debtor to a financing statement fails to designate the last name of an individual debtor and is accepted for filing in error, or if only the last name of an individual debtor is designated in an initial financing statement or an amendment that adds a debtor to a financing statement, then all the following provisions apply:

(a) An initial in the first position of the name is treated as a first name.

(b) An initial and a name to which the initial apparently corresponds, as indicated by parentheses or similar punctuation, is entered into 1 name field only.

(c) A 1-word name is entered as a last name.

(d) A nickname, as indicated by parentheses or similar punctuation, is entered in the name field together with the name preceding the nickname, or if none, then as the first name.

Mich. Admin. Code R. 440.408

2002 AACS; 2023 MR 22, Eff. 11/16/2023