Under current and prior versions of Article 9, the adequacy of the description of collateral has been a highly litigated issue. Generally speaking, the description in the security agreement must be specific enough to allow the collateral to be clearly identified from that description. The description in a financing statement can be somewhat more general as it is intended only to place parties on notice of the need to make a contact with the secured creditor to determine the precise extent of the security interest. As Courts have interpreted these various rules, conflicting results have occurred in various jurisdictions. (more…)