In re PTM Technologies, Inc.

PTM Technologies, Inc. (PTM) obtained loans from Maxus Capital (Maxus), later partly sold to GE Capital, secured by certain collateral; both lenders' financing statements misspelled PTM's name as "PTM Tecnologies, Inc.," dropping the "h." The North Carolina Secretary of State's website's default search mode, Standard RA9 — the method set out in the governing regulations — did not reveal either financing statement, though an alternative, sound-based search method did. After PTM filed for bankruptcy, it sued Maxus and GE Capital to avoid their security interests as unperfected due to the misspelled financing statements, and the parties filed competing summary-judgment motions.