Current through Pa Acts 2024-53, 2024-56 through 2024-111
Section 9108 - Sufficiency of description(a) Sufficiency of description.--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) Examples of reasonable identification.--Except as otherwise provided in subsection (d), a description of collateral reasonably identifies the collateral if it identifies the collateral by: (3) except as otherwise provided in subsection (e), a type of collateral defined in this title;(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) Supergeneric description not sufficient.--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) Investment property.--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) When description by type insufficient.--A description only by type of collateral defined in this title 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.2001, June 8, P.L. 123, No. 18, § 16, effective 7/1/2001.