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A.R.S. § 47-9108

Sufficiency of description

Applied in 1 court decision — leading case 578 F. App'x 644 - Wells Fargo Bank, NA v. Loop 76, LLC (In Re Loop 76, LLC) (2014)

Most recently applied in 578 F. App'x 644 - Wells Fargo Bank, NA v. Loop 76, LLC (In Re Loop 76, LLC) (June 2014)

A. 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. 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 this title;

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. 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 this title 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.

Official source: Arizona State Legislature. Reproduced from public-domain Arizona statutes; confirm against the official source for the current text. Not legal advice.