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 Step 3 - New Financing Statements

Prepare the Initial Financing Statement for Filing


Debtor Names

  More than one debtor name is permitted. The rules about debtor names apply to all debtors listed. §46-9-503
  When the debtor name is an individual person, it must be clear which name is the last name so the debtor's name can be properly indexed.  The filing office is obligated to reject a filing in which the last name cannot be identified. If the name is not entered clearly in the Last Name, First Name, Middle Name boxes on the new forms, the last name must be obvious.  For example, the filing office could not determine whether the last name was Carter or Davidson in these examples:
  Davidson Carter
  Carter Davidson
  When the debtor is a registered organization, the name must match the name as it appears on the public record in the debtor's jurisdiction of organization to be sufficient.  Filers can check for correct names for WV corporations, limited liability companies, limited partnerships, limited liability partnerships, business trusts and voluntary associations on the WV Business Organization Information System §46-9-503(a)(1) 
  When the debtor is a registered organization, listing the debtor by a trade name is not sufficient.  Use the official business name.  Trade names are identified as DBA names (meaning "doing business as") on the WV Business Organization Informaton System §46-9-503(c)
  When the debtor is the estate of a person who has died, use the name of the decedent, and indicate that the debtor is an estate.    §46-9-503(a)(2)
  When the debtor is a trust or trustee, use the name of the trust given in its organic documents, and indicate on the filing that it is a trust. (See Section 503 for more details) Filers can check for correct names of business trusts on the WV Business Organization Information System, but other trusts are not filed with the Secretary of State.  They are ordinarily filed with the clerk of the county commission in WV. 46-9-503(a)(3) 
When the debtor does not have a name, include the names of the partners, members, associates or other persons which together make up the debtor. Few general partnerships are registered with the Secretary of State, and State Tax Department records of business names are not public. If the correct name of a debtor which appears to be an organization is not available in a public record, the names of the individual are used. §46-9-503(a)(4)(B)

Debtor Address & Debtor Type

  The debtor's mailing address must be included on original filings and for an additional debtor added on an amendment.   The absense of this information will result in refusal of the filing §46-9-516-(b)(5)
  The debtor type (individual or organization) must be indicated.  If the debtor is an organization, the type of organization, jurisdiction of the organization, and organization ID or "No ID" is also required.   For example, information for the debtor ABC Corp. would include "Organization; Corporation; WV; No ID" The absense of this information will result in refusal of the filing. §46-9-516(b)(5)

Secured Party Information

  More than one secured party name is permitted.      §46-9-503(e)
  Give the name and mailing address of each secured party of record.     §46-9-516(b)(4)
  On an initial financing statement, the secured party of record is the person who is named as the secured party or the representative of the secured party.   Even on an initial financing statement, the party having the security interest may assign that interest to another party by listing them as the secured party.


  If the name given is the secured party's representative, the name will be sufficient even if the representative capacity is not stated.     §46-9-511(a)

Collateral Description

  A description of the collateral identifies the goods that are covered by the financing statement.      §46-9-504 
  The description is considered sufficient if it "reasonably identifies the collateral."    For detailed examples of sufficient descriptions, see Section 108. §46-9-108

See the WV Code.