(1) Except as otherwise provided in subsections (3), (4), and (5) 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) Except as otherwise provided in subsection (4) of this section, a description of collateral reasonably identifies the collateral if it identifies the collateral by:
(a) Specific listing;
(b) Category;
(c) Except as otherwise provided in subsection (5) of this section, a type of collateral defined in this chapter;
(d) Quantity;
(e) Computational or allocational formula or procedure; or
(f) Except as otherwise provided in subsection (3) of this section, 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) of this section, a description of a security entitlement, securities account, or commodity account is sufficient if it describes:
(a) The collateral by those terms or as investment property; or
(b) The underlying financial asset or commodity contract.
(5) A description only by type of collateral defined in this chapter is an insufficient description of:
(a) A commercial tort claim; or
(b) In a consumer transaction, consumer goods, a security entitlement, a securities account, or a commodity account. Effective: July 1, 2001 History: Repealed and reenacted 2000 Ky. Acts ch. 408, sec. 28, effective July 1, 2001. -- Created 1958 Ky. Acts ch. 77, sec. 9-108, effective July 1, 1960.
Notes of Decisions
First Bancorp, Inc. v. United States, 945 F. Supp. 2d 802 (W.D. Ky. 2013).
· cites it 5× “As discussed above, § 355.9-108 states that a description of collateral reasonably identifies the collateral if it identifies the collateral by category.”
Mammoth Cave Prod. Credit Ass'n v. York, 429 S.W.2d 26 (Ky. Ct. App. 1968).
“This practice is sanctioned and made valid by the code, KRS 355.9-108, KRS 355.9-204(3). The debtor later buys new equipment in which the vendor, Commerical Credit’s assignor, retains a security interest for the payment of the price on the unpaid portion thereof.”
Bishop v. All. Banking Co., 412 S.W.3d 217 (Ky. Ct. App. 2013).
· cites it 3× “By summary judgment entered September 7, 2012, the circuit court concluded that Alliance Bank’s description of the Case backhoe in its financing statement was sufficient under KRS 355.9-108; thus, it held a perfected security interest thereupon.”
HBKY, LLC v. Elk River Exp., LLC (E.D. Ky. 2022).
“§ 355.9-108(1)).] In support, Defendants describe the statutory requirements around UCC-1 financing statements and the identification of security interests and argue that, because HBKY has failed to satisfy these requirements, its security interest in their 1 Alongside their…”
Flener v. Alexander (In Re Alexander), 429 B.R. 876 (Bankr. W.D. Ky. 2010).
“The Bank did not have a security interest in the Debtor’s securities entitlement because it was not adequately described as required by KRS 355.9-108. The Bank’s documents do not describe the interest as either a “securities entitlement”, “securities account” or “investment…”
— Ky. Rev. Stat. § 355.9-108(1) — 3 cases
Bishop v. All. Banking Co., 412 S.W.3d 217 (Ky. Ct. App. 2013).
“By summary judgment entered September 7, 2012, the circuit court concluded that Alliance Bank’s description of the Case backhoe in its financing statement was sufficient under KRS 355.9-108; thus, it held a perfected security interest thereupon.”
First Bancorp, Inc. v. United States, 945 F. Supp. 2d 802 (W.D. Ky. 2013).
“As discussed above, § 355.9-108 states that a description of collateral reasonably identifies the collateral if it identifies the collateral by category.”
HBKY, LLC v. Elk River Exp., LLC (E.D. Ky. 2022).
“§ 355.9-108(1)).] In support, Defendants describe the statutory requirements around UCC-1 financing statements and the identification of security interests and argue that, because HBKY has failed to satisfy these requirements, its security interest in their 1 Alongside their…”
— Ky. Rev. Stat. § 355.9-108(2) — 1 case
First Bancorp, Inc. v. United States, 945 F. Supp. 2d 802 (W.D. Ky. 2013).
“As discussed above, § 355.9-108 states that a description of collateral reasonably identifies the collateral if it identifies the collateral by category.”
— Ky. Rev. Stat. § 355.9-108(3) — 1 case
First Bancorp, Inc. v. United States, 945 F. Supp. 2d 802 (W.D. Ky. 2013).
“As discussed above, § 355.9-108 states that a description of collateral reasonably identifies the collateral if it identifies the collateral by category.”
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