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2017 Maryland Code
Commercial Law
Title 9 - Secured Transactions
Subtitle 1 - General Provisions
§ 9-108. Sufficiency of description
Universal Citation: MD Comm L Code § 9-108 (2017)
- (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 Titles 1 through 10 of this article;
- (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 Titles 1 through 10 of this article 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.
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