400.9-108. Sufficiency of description.
Sufficiency of description.
400.9-108. (a) Except as otherwise provided in subsections (c), (d),and (e), a description of personal or real property is sufficient, whetheror not it is specific, if it reasonably identifies what is described.
(b) Except as otherwise provided in subsection (d), a description ofcollateral reasonably identifies the collateral if it identifies thecollateral by:
(1) Specific listing;
(2) Category;
(3) Except as otherwise provided in subsection (e), a type ofcollateral defined in chapter 400;
(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 "allthe debtor's personal property" or using words of similar import does notreasonably identify the collateral.
(d) Except as otherwise provided in subsection (e), a description ofa security entitlement, securities account, or commodity account issufficient 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 chapter 400is an insufficient description of:
(1) A commercial tort claim; or
(2) In a consumer transaction, consumer goods, a securityentitlement, a securities account, or a commodity account.
(L. 1963 p. 503 § 9-108, A.L. 2001 S.B. 288)Effective 7-01-01