§ 6A-9-108 - Sufficiency of description. - Rhode Island Statutes

SECTION 6A-9-108

   § 6A-9-108  Sufficiency of description.– (a) Sufficiency of description. Except as otherwise provided insubsections (c), (d), and (e), a description of personal or real property issufficient, whether or not it is specific, if it reasonably identifies what isdescribed.

   (b) Examples of reasonable identification. Except asotherwise provided in subsection (d), a description of collateral reasonablyidentifies the collateral if it identifies the collateral by:

   (1) specific listing;

   (2) category;

   (3) except as otherwise provided in subsection (e), a type ofcollateral defined in the Uniform Commercial Code;

   (4) quantity;

   (5) computational or allocational formula or procedure; or

   (6) except as otherwise provided in subsection (c), any othermethod, if the identity of the collateral is objectively determinable.

   (c) Supergeneric description not sufficient. Adescription of collateral as "all the debtor's assets" or "all the debtor'spersonal property" or using words of similar import does not reasonablyidentify the collateral.

   (d) Investment property. Except as otherwise providedin 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. Adescription only by type of collateral defined in the Uniform Commercial Codeis an insufficient description of:

   (1) a commercial tort claim; or

   (2) in a consumer transaction, consumer goods, a securityentitlement, a securities account, or a commodity account.