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(810 ILCS 5/9-108) (from Ch. 26, par. 9-108)
Sec. 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:
(1) specific listing;
(2) category;
(3) except as otherwise provided in subsection (e), a |
| type of collateral defined in the Uniform Commercial Code;
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(4) quantity;
(5) computational or allocational formula or
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(6) except as otherwise provided in subsection (c),
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| any other method, if the identity of the collateral is objectively determinable.
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(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
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(2) the underlying financial asset or commodity
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(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
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| security entitlement, a securities account, or a commodity account.
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(Source: P.A. 91-893, eff. 7-1-01.)
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