Secured Party Search

Debtor names, file numbers, and what a financing statement actually says.

Secured Party Search

What Is A Secured Party

Quick answer. A secured party is the creditor, or its assignee, named on a financing statement as holding a security interest in the collateral. A secured party is the creditor named on a financing statement. A secured party search lists filings under that creditor. A debtor search lists filings against the owner of the collateral. Most “what’s on this company” questions are debtor searches.

Steps

  1. Start with the debtor for a company check

    Secured-party search is the wrong first step unless you already know the lender.

  2. Use secured-party search for a portfolio question

    You are asking what that lender filed, not what encumbers one borrower.

  3. Open assignments

    The original lender may no longer be the party of record.

  4. Quote the name as indexed

    Do not clean up abbreviations. The index used those characters.

The secured party is the one claiming the interest

The debtor is the owner of the collateral or the person who owes the obligation. Swapping those roles on a form is a serious defect. The search page will still index whatever names were typed.

A loan servicer, an SPV, or an assignee may be the secured party of record even when a different brand originated the loan. Read the latest party amendment.

Claimant and debtor are different indexes

Assignments change the secured party of record. Delaware has told filers its index shows an added assignee and does not mark the old secured party removed. Other states display history differently. Read the latest party line and the amendment image.

A loan servicer’s name on the form may not match the brand that funded the advance. The image, not the marketing name, identifies the claimant.

Common mistakes

  • Swapping debtor and secured party on the search form.
  • Ignoring an assignment.
  • Assuming the originator is still the party of record.
  • Using a servicer’s nickname instead of the indexed name.

Questions

What is a secured party?

The creditor, or its assignee, named on the financing statement as claiming the security interest.

When do I search by secured party?

When the question is what a known lender filed. For liens on one business, search the debtor.

Does an assignment erase the first secured party?

Not always on the index. Delaware, for example, shows the new party as added. Read that state’s display rules.

Sources reviewed