How to Name an Individual Borrower in a Financing Statement

On July 1, 2013, various amendments to Virginia’s Uniform Commercial Code will become effective. One of the most important for lenders to know about is the requirement that if the borrower is (a) an individual, (b) whose principal residence is in Virginia, and (c) who holds an unexpired Virginia driver’s license or Virginia DMV-issued I.D. card, then a financing statement covering the borrower must contain his name as it is printed on the most-recently issued unexpired driver’s license or I.D. card.

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UPDATE: Virginia Supreme Court Issues Game-Changing Decision in Connection with Asbestos-Related Lawsuits

On May 1, 2012, the Supreme Court of Virginia, in John Crane, Inc. v. Hardick, granted the appellees’ petition for rehearing, in which the estate of Robert E. Hardick argued that the Court should look to the Jones Act, rather than DOHSA, and reinstate the jury’s $2 million award of damages for Hardick’s pre-death pain and suffering, an award which the Court unanimously vacated in its March 2, 2012 opinion.

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