N.C. Gen. Stat. § 25-9-108
Sufficiency of description
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
(1) 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.
(1) 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.
(2) 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;
(2) 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;
(3) Category;
(3) Category;
(4) Except as otherwise provided in subsection (e) of this section, a type of collateral defined in this Chapter;
(4) Except as otherwise provided in subsection (e) of this section, a type of collateral defined in this Chapter;
(5) Quantity;
(5) Quantity;
(6) Computational or allocational formula or procedure; or
(6) Computational or allocational formula or procedure; or
(7) Except as otherwise provided in subsection (c) of this section, any other method, if the identity of the collateral is objectively determinable.
(7) Except as otherwise provided in subsection (c) of this section, any other method, if the identity of the collateral is objectively determinable.
(8) 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.
(8) 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.
(9) 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
(9) 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
(10) The underlying financial asset or commodity contract.
(10) The underlying financial asset or commodity contract.
(11) 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
(11) 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
(12) In a consumer transaction, consumer goods, a security entitlement, a securities account, or a commodity account.
(12) In a consumer transaction, consumer goods, a security entitlement, a securities account, or a commodity account.
History
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.