North Carolina § 25-9-108 - Sufficiency of description.

§ 25-9-108. Sufficiency of description.

Sufficiency of description. - 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. Examples of reasonable identification. - Except as otherwise provided in subsection (d) of this section, a description of collateral reasonably identifies the collateral if it identifies the collateral by: Specific listing; Category; Except as otherwise provided in subsection (e) of this section, a type of collateral defined in this Chapter; Quantity; Computational or allocational formula or procedure; or Except as otherwise provided in subsection (c) of this section, any other method, if the identity of the collateral is objectively determinable. 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. Investment property. - 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: The collateral by those terms or as investment property; or The underlying financial asset or commodity contract. When description by type insufficient. - A description only by type of collateral defined in this Chapter is an insufficient description of: A commercial tort claim; or In a consumer transaction, consumer goods, a security entitlement, a securities account, or a commodity account. History (1965, c. 700, s. 1; 1975, c. 862, s. 7; 2000-169, s. 1.)