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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 9A : Uniform Commercial Code

Article 009 : SECURED TRANSACTIONS

(Cite as: 9A V.S.A. § 9-108)
  • § 9-108. Sufficiency of description in a security agreement

    (a) Except as otherwise provided in subsections (c), (d), and (e) 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.

    (b) Except as otherwise provided in subsection (d) of this section, 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) of this section, a type of collateral defined in this title;

    (4) quantity;

    (5) computational or allocational formula or procedure; or

    (6) except as otherwise provided in subsection (c) of this section, 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) of this section, 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 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. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)