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355.9-108 Sufficiency of description.
(1)
(2)
(3)
(4)
(5)
Except as otherwise provided in subsections (3), (4), and (5) of this section, a
description of personal or real property is sufficient, whether or not it is specific, if
it reasonably identifies what is described.
Except as otherwise provided in subsection (4) of this section, a description of
collateral reasonably identifies the collateral if it identifies the collateral by:
(a) Specific listing;
(b) Category;
(c) Except as otherwise provided in subsection (5) of this section, a type of
collateral defined in this chapter;
(d) Quantity;
(e) Computational or allocational formula or procedure; or
(f) Except as otherwise provided in subsection (3) of this section, any other
method, if the identity of the collateral is objectively determinable.
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.
Except as otherwise provided in subsection (5) of this section, a description of a
security entitlement, securities account, or commodity account is sufficient if it
describes:
(a) The collateral by those terms or as investment property; or
(b) The underlying financial asset or commodity contract.
A description only by type of collateral defined in this chapter is an insufficient
description of:
(a) A commercial tort claim; or
(b) In a consumer transaction, consumer goods, a security entitlement, a securities
account, or a commodity account.
Effective: July 1, 2001
History: Repealed and reenacted 2000 Ky. Acts ch. 408, sec. 28, effective July 1, 2001.
-- Created 1958 Ky. Acts ch. 77, sec. 9-108, effective July 1, 1960.
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