§ 26-1-9.1-108 — Sufficiency of description

Indiana § 26-1-9.1-108

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 9.1: Secured Transactions

Text

(a) Except as otherwise provided in
subsections (c), (d), and (e), a description of personal or real property
is sufficient, whether or not it is specific, if it reasonably identifies what
is described.
(b) Except as otherwise provided in subsection (d), 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), a type of
collateral defined in IC 26-1;
(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 "all the
debtor's personal property" or using words of similar import does not
reasonably identify the collateral.
(d) Except as otherwise provided in subsection (e), 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) A description only by type of collateral defined in IC 26-1 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.

Legislative History

As added by P.L.57-2000, SEC.45.