2000 Minnesota Statutes

     336.9-108 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; 

    (4) quantity; 

    (5) computational or allocational formula or procedure; or 

    (6) except as otherwise provided in subsection (c), any 
 other method, if the identity of the collateral is objectively 
 determinable. 

    (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 
 property; or 

    (2) the underlying financial asset or commodity contract. 

    (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 security 
 entitlement, a securities account, or a commodity account. 

    HIST: 2000 c 399 art 1 s 8 

*   NOTE:  This section, as added by Laws 2000, chapter 399, 
*article 1, section 8, is effective July 1, 2001.  Laws 2000, 
*chapter 399, article 1, section 130. 

*   NOTE:  Minnesota Statutes 1998, section 336.9-108, which 
*reads as follows, is repealed July 1, 2001.  Laws 2000, chapter 
*399, article 1, section 130. 

*   "336.9-108 When after-acquired collateral not security 
*for antecedent debt.  

*   Where a secured party makes an advance, incurs an 
*obligation, releases a perfected security interest, or otherwise 
*gives new value which is to be secured in whole or in part by 
*after-acquired property the security interest in the 
*after-acquired collateral shall be deemed to be taken for new 
*value and not as security for an antecedent debt if the debtor 
*acquires rights in such collateral either in the ordinary course 
*of business or under a contract of purchase made pursuant to the 
*security agreement within a reasonable time after new value is 
*given." 

               SUBPART 2.  APPLICABILITY OF ARTICLE