(1) 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 it reasonably identifies what is described.
  (2) Except as otherwise provided in subsection (4), a description of collateral reasonably identifies the collateral if it identifies the collateral by 1 or more of the following:

Terms Used In Michigan Laws 440.9108

  • Collateral: means the property subject to a security interest or agricultural lien. See Michigan Laws 440.9102
  • Commodity account: means an account maintained by a commodity intermediary in which a commodity contract is carried for a commodity customer. See Michigan Laws 440.9102
  • Consumer: means an individual who enters into a transaction primarily for personal, family, or household purposes. See Michigan Laws 440.1201
  • Consumer goods: means goods that are used or bought for use primarily for personal, family, or household purposes. See Michigan Laws 440.9102
  • Contract: A legal written agreement that becomes binding when signed.
  • Debtor: means 1 of the following:
  (i) A person having an interest, other than a security interest or other lien, in the collateral, whether or not the person is an obligor. See Michigan Laws 440.9102
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Investment property: means a security, whether certificated or uncertificated, security entitlement, securities account, commodity contract, or commodity account. See Michigan Laws 440.9102
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Term: means a portion of an agreement that relates to a particular matter. See Michigan Laws 440.1201
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
    •   (a) Specific listing.
      (b) Category.
      (c) Except as otherwise provided in subsection (5), a type of collateral defined in the uniform commercial code.
      (d) Quantity.
      (e) Computational or allocational formula or procedure.
      (f) Except as otherwise provided in subsection (3), any other method, if the identity of the collateral is objectively determinable.
      (3) 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.
      (4) Except as otherwise provided in subsection (5), a description of a security entitlement, securities account, or commodity account is sufficient if it describes 1 or more of the following:
      (a) The collateral by the term security entitlement, securities account, or commodity account, or as investment property.
      (b) The underlying financial asset or commodity contract.
      (5) A description only by type of collateral defined in the uniform commercial code is an insufficient description of either of the following:
      (a) A commercial tort claim.
      (b) In a consumer transaction, consumer goods, a security entitlement, a securities account, or a commodity account.
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