§9-1108. Sufficiency of description
463 words·~2 min read·
/me/title-11-uniform-commercial-code/9-1108A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1). Except as otherwise provided in subsections
(3),
(4)and
(5), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2). Except as otherwise provided in subsection
(4), a description of collateral reasonably identifies the collateral if it identifies the collateral by:
(a). Specific listing; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). Category; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). Except as otherwise provided in subsection
(5), a type of collateral defined in this Title; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(d). Quantity; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(e). Computational or allocational formula or procedure; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(f). Except as otherwise provided in subsection
(3), any other method, if the identity of the collateral is objectively determinable. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(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.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(4). Except as otherwise provided in subsection
(5), 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 [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). The underlying financial asset or commodity contract. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(5). A description only by type of collateral defined in this Title is an insufficient description of:
(a). A commercial tort claim; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). In a consumer transaction, consumer goods, a security entitlement, a securities account or a commodity account. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]