In the March 2 edition of the UCC Expert’s Corner, Paul Hodnefield, Esq. examines the February 11, 2015 finding that the all assets description of collateral “does not reasonably identify the collateral for purposes of the security agreement.”
According to Hodnefield, “the most important take away from this case is that secured parties must distinguish between the security agreement and the financing statement when describing collateral that constitutes substantially all the debtor’s assets. The secured party should describe the collateral in the security agreement by type, category or even by a specific listing.”
You can read the full article here.