As Amended
SEC. 75-9-108. Sufficiency of description [Effective January 1, 2002].
(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 the Uniform Commercial Code;
(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
(e) A description only by type of collateral defined in the Uniform Commercial Code 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.
SUBPART 2. APPLICABILITY OF ARTICLE
SOURCES: Former 1972 Code § 75-9-108 [Codes, 1942, § 41A:9-108; Laws, 1966, ch. 316, § 9-108] was deleted by Laws, 2001, ch. 495, § 2. Present § 75-9-108 derived from former 1972 Code §§ 75-9-110 [Codes, 1942, § 41A:9-110; Laws, 1966, ch. 316, § 9-110] and 75-9-115 [Laws, 1996, ch. 468, § 59] and was enacted by Laws, 2001, ch. 495, § 1, HB 1311, eff from and after January 1, 2002.
PREVIOUS VERSIONS: Pre-2001