554.9108 Sufficiency of description. 1. Sufficiency of description. Except as otherwise provided in subsections 3, 4, and 5, a description of personal or real property is sufficient, whether or not it is specific, if itreasonably identifies what is described. 2. Examples of reasonable identification. Except as otherwise provided in subsection 4, a description of collateral reasonably identifies 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 this chapter;d. quantity;e. computational or allocational formula or procedure; orf. except as otherwise provided in subsection 3, any other method, if the identity of the collateral is objectively determinable. 3. 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 notreasonably identify the collateral. 4. Investment property. Except as otherwise provided in subsection 5, a description of a security entitlement, securities account, or commodity account is sufficient if it describes: a. e collateral. 4. Investment property. Except as otherwise provided in subsection 5, a description of a security entitlement, securities account, or commodity account is sufficient if it describes: a. the collateral by those terms or as investment property; orb. the underlying financial asset or commodity contract.5. When description by type insufficient. A description only by type of collateral defined in this chapter is an insufficient description of: a. a commercial tort claim; orb. in a consumer transaction, consumer goods, a security entitlement, a securities account, or a commodity account. 2000 Acts, ch 1149, §8, 185, 187Referred to in §554.9504 Sat Dec 23 02:00:04 2023 Iowa Code 2024, Section 554.9108 (27, 0)
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