Acts and Regulations

95-57 - General

Section 24
Disposition versions

Full text
General Description of Collateral
24(1)Where collateral is to be described other than by serial number, the registrant shall enter
(a) a description of the collateral by item or kind or by reference to one or more of the following: “goods”, “document of title”, “chattel paper”, “investment property”, “instrument”, “money” or “intangible”,
(b) a statement that a security interest is taken in all of the debtor’s present and after-acquired personal property, or
(c) a statement that a security interest is taken in all of the debtor’s present and after-acquired personal property except specified items or kinds of personal property or except one or more of the following: “goods”, “document of title”, “chattel paper”, “investment property”, “instrument”, “money” or “intangible”.
24(2)A description is inadequate for the purposes of paragraph (1)(a) if it describes the collateral as consumer goods or equipment without further describing the item or kind of collateral, but where the personal property to be excluded from a description of collateral under paragraph (1)(c) is the consumer goods of the debtor, the excluded property may be described simply as consumer goods.
24(3)A description of collateral under subsection (1) that describes the collateral as inventory is adequate only while the collateral is held by the debtor as inventory.
2009-116
General Description of Collateral
24(1)Where collateral is to be described other than by serial number, the registrant shall enter
(a) a description of the collateral by item or kind or by reference to one or more of the following: “goods”, “document of title”, “chattel paper”, “investment property”, “instrument”, “money” or “intangible”,
(b) a statement that a security interest is taken in all of the debtor’s present and after-acquired personal property, or
(c) a statement that a security interest is taken in all of the debtor’s present and after-acquired personal property except specified items or kinds of personal property or except one or more of the following: “goods”, “document of title”, “chattel paper”, “investment property”, “instrument”, “money” or “intangible”.
24(2)A description is inadequate for the purposes of paragraph (1)(a) if it describes the collateral as consumer goods or equipment without further describing the item or kind of collateral, but where the personal property to be excluded from a description of collateral under paragraph (1)(c) is the consumer goods of the debtor, the excluded property may be described simply as consumer goods.
24(3)A description of collateral under subsection (1) that describes the collateral as inventory is adequate only while the collateral is held by the debtor as inventory.
2009-116
General Description of Collateral
24(1)Where collateral is to be described other than by serial number, the registrant shall enter
(a) a description of the collateral by item or kind or by reference to one or more of the following: “goods”, “document of title”, “chattel paper”, “security”, “instrument”, “money” or “intangible”,
(b) a statement that a security interest is taken in all of the debtor’s present and after-acquired personal property, or
(c) a statement that a security interest is taken in all of the debtor’s present and after-acquired personal property except specified items or kinds of personal property or except one or more of the following: “goods”, “document of title”, “chattel paper”, “security”, “instrument”, “money” or “intangible”.
24(2)A description is inadequate for the purposes of paragraph (1)(a) if it describes the collateral as consumer goods or equipment without further describing the item or kind of collateral, but where the personal property to be excluded from a description of collateral under paragraph (1)(c) is the consumer goods of the debtor, the excluded property may be described simply as consumer goods.
24(3)A description of collateral under subsection (1) that describes the collateral as inventory is adequate only while the collateral is held by the debtor as inventory.