§ 9-108 — Sufficiency of Description

New York § 9-108

• Jurisdiction: New York
• Law UCC: Uniform Commercial Code
• Part 1: General Provisions
• Subpart 1: Short Title, Definitions, and General Concepts
• Art. 9: Secured Transactions

Text

Section 9--108. Sufficiency of Description.\n (a) Sufficiency of description. Except as otherwise provided in\nsubsections (c), (d), and (e), a description of personal or real\nproperty is sufficient, whether or not it is specific, if it reasonably\nidentifies what is described.\n (b) Examples of reasonable identification. Except as otherwise\nprovided in Section 9--502 and subsection (d), a description of\ncollateral reasonably identifies the collateral if it identifies the\ncollateral by:\n (1) specific listing;\n (2) category;\n (3) except as otherwise provided in subsection (e), a type of\n collateral defined in this chapter;\n (4) quantity;\n (5) computational or allocational formula or procedure; or\n (6) except as otherwise provided in subsection (c), any other\n method, if the identity of the collateral is objectively\n determinable.\n (c) Supergeneric description not sufficient. A description of\ncollateral as "all the debtor's assets" or "all the debtor's personal\nproperty" or using words of similar import does not reasonably identify\nthe collateral.\n (d) Investment property. Except as otherwise provided in subsection\n(e), a description of a security entitlement, securities account, or\ncommodity account is sufficient if it describes:\n (1) the collateral by those terms or as investment property; or\n (2) the underlying financial asset or commodity contract.\n (e) When description by type insufficient. A description only by type\nof collateral defined in this chapter is an insufficient description of:\n (1) a commercial tort claim;\n (2) in a consumer transaction, consumer goods, a security\n entitlement, a securities account, or a commodity account; or\n (3) a cooperative interest.\n