Effective - 28 Aug 2002
400.9-504. Indication of collateral. — A financing statement sufficiently indicates the collateral that it covers if the financing statement provides:
(1) A description of the collateral pursuant to section 400.9-108; or
(2) An indication that the financing statement covers all assets or all personal property.
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(L. 1963 p. 503 § 9-504, A.L. 1988 S.B. 583, A.L. 2001 S.B. 288, A.L. 2002 S.B. 895)
(1974) Repossession under this section does not create a cause of action under the federal civil rights statute. Nowlin v. Professional Auto Sales, Inc. (C.A. Mo.), 496 F.2d 16.
(1975) An assignee of a security agreement takes only what is due to his assignor at the time of assignment and is not entitled to attorney's fees or costs of repossession which had not accrued at the time of assignment but were incurred later by the assignee. Continental State Bank v. S.E.K. Construction Co. Inc. (A.), 518 S.W.2d 143.
(1990) Definitions of "private sale" and "public sale" contained in the official comments to section 400.2-706 of the Uniform Commercial Code are appropriate definitions for UCC section dealing with disposition of collateral after default. Boatmen's National Bank of Carthage v. Eidson, 796 S.W.2d 920 (Mo. App.).