Can you update the Name Field in Manage Standard Memo Lines?

Summary:

Is there a way to update Standard Memo Line "Name" (highlighted in the screen shot)? The naming convention for that field is a 4 letter prefix of a department. There is a department that is changing their name, which will require us to update hundreds of memo line names. However, it doesn't appear that we can edit this field. Is this by design, or is there a security role/privilege that will allow a us to update this field?

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25C

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