Sufficiency of description

Checkout our iOS App for a better way to browser and research.

47-9108. Sufficiency of description

A. Except as otherwise provided in subsections C, D and E, a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described.

B. Except as otherwise provided in subsection D, a description of collateral reasonably identifies the collateral if it identifies the collateral by:

1. Specific listing;

2. Category;

3. Except as otherwise provided in subsection E, a type of collateral defined in this title;

4. Quantity;

5. Computational or allocational formula or procedure; or

6. Except as otherwise provided in subsection C, any other method, if the identity of the collateral is objectively determinable.

C. 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.

D. Except as otherwise provided in subsection E, a description of a security entitlement, securities account or commodity account is sufficient if it describes:

1. The collateral by those terms or as investment property; or

2. The underlying financial asset or commodity contract.

E. A description only by type of collateral defined in this title is an insufficient description of:

1. A commercial tort claim; or

2. In a consumer transaction, consumer goods, a security entitlement, a securities account or a commodity account.


Download our app to see the most-to-date content.