Current through 2024 Legislative Session Act Chapter 531
Section 9-108 - 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 the Uniform Commercial Code;(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 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. 72 Del. Laws, c. 401, § 1.;