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§9-1107
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS
Part 1: GENERAL PROVISIONS
Subpart 1: SHORT TITLE, DEFINITIONS AND GENERAL CONCEPTS
§9-1109

§9-1108. Sufficiency of description

(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).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).
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Data for this page extracted on 9/28/2022 08:27:44.
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