With respect to naming a debtor that is a registered organization, the Texas amendment clarifies that the “name on the public record” is not the name as maintained in the state’s index but rather the name as stated in the debtor’s formation documents including any amendments.

The legislature also provided guidance to secured parties with respect to determining the correct name of an individual by providing that a financing statement is sufficient as to a debtor that is an individual if the financing statement provides the “individual’s name shown on the individual’s driver’s license or identification certificate issued by the state.”

Among other things, the statute now also authorizes county clerks to reject a fixture filing if the financing statement does not contain the name of the debtor, clarifies that misindexing by the filing office includes the complete omission or failure to index a debtor name, and expressly authorizes the secured party to record a correction statement.