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Session Laws, 1999
Volume 796, Page 2053   View pdf image
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(6) EXCEPT AS OTHERWISE PROVIDED IN SUBSECTION (C), 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), 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 TITLES 1
THROUGH 10 OF THIS ARTICLE 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.

9-109. SCOPE.

(A) EXCEPT AS OTHERWISE PROVIDED IN SUBSECTIONS (C) AND (D), THIS
TITLE APPLIES TO:

(1) A TRANSACTION, REGARDLESS OF ITS FORM, THAT CREATES A
SECURITY INTEREST IN PERSONAL PROPERTY OR FIXTURES BY CONTRACT;

(2) AN AGRICULTURAL LIEN;

(3) A SALE OF ACCOUNTS, CHATTEL PAPER, PAYMENT INTANGIBLES, OR
PROMISSORY NOTES;

(4) A CONSIGNMENT;

(5) A SECURITY INTEREST ARISING UNDER § 2-401, § 2-505, § 2-711(3), OR
§ 2A-508(5) OF THIS ARTICLE, AS PROVIDED IN § 9-110; AND

(6) A SECURITY INTEREST ARISING UNDER § 4-210 OR § 5-118 OF THIS

ARTICLE.

(B) THE APPLICATION OF THIS TITLE TO A SECURITY INTEREST IN A SECURED
OBLIGATION IS NOT AFFECTED BY THE FACT THAT THE OBLIGATION IS ITSELF
SECURED BY A TRANSACTION OR INTEREST TO WHICH THIS TITLE DOES NOT APPLY.

(C) THIS TITLE DOES NOT APPLY TO THE EXTENT THAT:

(1) A STATUTE, REGULATION, OR TREATY OF THE UNITED STATES
PREEMPTS THIS TITLE;

 

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Session Laws, 1999
Volume 796, Page 2053   View pdf image
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