70A-9a-108 - Sufficiency of description. - Utah Statutes

70A-9a-108. Sufficiency of description.
(1) Except as otherwise provided in Subsections (3), (4), and (5), a description of personalor real property is sufficient, whether or not it is specific, if it reasonably identifies what isdescribed.
(2) Except as otherwise provided in Subsection (4), a description of collateral reasonablyidentifies the collateral if it identifies the collateral by:
(a) specific listing;
(b) category;
(c) except as otherwise provided in Subsection (5), a type of collateral defined in thistitle;
(d) quantity;
(e) computational or allocational formula or procedure; or
(f) except as otherwise provided in Subsection (3), any other method, if the identity of thecollateral is objectively determinable.
(3) A description of collateral as "all the debtor's assets" or "all the debtor's personalproperty" or using words of similar import does not reasonably identify the collateral.
(4) Except as otherwise provided in Subsection (5), a description of a securityentitlement, securities account, or commodity account is sufficient if it describes:
(a) the collateral by those terms or as investment property; or
(b) the underlying financial asset or commodity contract.
(5) A description only by type of collateral defined in this title is an insufficientdescription of:
(a) a commercial tort claim; or
(b) in a consumer transaction, consumer goods, a security entitlement, a securitiesaccount, or a commodity account.

Enacted by Chapter 252, 2000 General Session