Title 11, Chapter 9, Section 108
( 11-9-108)
Sufficiency of description. (a) Sufficiency of description. Except as otherwise provided in
subsections (c), (d), and (e) of this Code section, a description of
personal or real property is sufficient, whether or not it is
specific, if it reasonably identifies what is described. (b) Examples of reasonable identification. Except as otherwise
provided in subsection (d) of this Code section, 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) of this Code
section, 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) of this Code
section, any other method, if the identity of the collateral is
objectively determinable. (c) Supergeneric description not sufficient. 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) Investment property. Except as otherwise provided in subsection
(e) of this Code section, 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) When description by type insufficient. 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. |