(1) Except as otherwise provided in subsections (3), (4) and (5) of this section, a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described.
(2) Except as otherwise provided in subsection (4) of this section, a description of collateral reasonably identifies the collateral if it identifies the collateral by:
(a) Specific listing;
(b) Category;
(c) Except as otherwise provided in subsection (5) of this section, a type of collateral defined in the Uniform Commercial Code;
(d) Quantity;
(e) Computational or allocational formula or procedure; or
(f) Except as otherwise provided in subsection (3) of this section, any other method, if the identity of the collateral is objectively determinable.
(3) A description of collateral as “all the debtor’s assets” or “all the debtor’s personal property” or using words of similar import does not reasonably identify the collateral.
(4) Except as otherwise provided in subsection (5) of this section, a description of a security entitlement, securities account or commodity account is sufficient if it describes:
(a) The collateral by those terms or as investment property; or
(b) The underlying financial asset or commodity contract.
(5) A description only by type of collateral defined in the Uniform Commercial Code is an insufficient description of:
(a) A commercial tort claim; or
(b) In a consumer transaction, consumer goods, a security entitlement, a securities account or a commodity account. [2001 c.445 §8]
(Applicability of Chapter)
Section: Previous 79.0101 79.0102 79.0103 79.0104 79.0105 79.0106 79.0107 79.0108 79.0109 79.0110 79.0201 79.0202 79.0203 79.0204 79.0205 NextLast modified: August 7, 2008