In order to start up his hot new restaurant in St. Louis, “Furcal 15”, Rafael Furcal entered into a security agreement with Brave Bank for a $200,000 loan. The agreement required Furcal to put his 2011 World Series ring up as collateral. Brave Bank filed a UCC-1 to perfect its security interest but, due to an unfortunate typographical error, the financing statement said that the debtor’s name was “Rafael Fercal.”
Assuming all other requirements were met, has Brave Bank perfected its security interest?
1. Yes, as long as Furcal's name was spelled correctly on the security agreement
2. Only if a search under the name "Rafael Furcal" in the UCC filing system would disclose Brave Bank's financing statement
3. Yes, if the filing office actually accepted the UCC-1 with the misspelling.
4. No, because a mistake in the debtor's name on the financing statement is always fatal to perfection