A Description Of The Collateral Does Not Need To Be Included In A Security Agreement

now or at any time [located or installed in place X] did not contain a new inventory on the debtor`s new site.11 Another question that arises is what happens when the secured party uses defined terms defined between the debtor and the secured party in the description of the collateral, but which may not be defined in Article 9 or otherwise defined in Article 9. If you use specific terms such as these, it is generally a good thing to ensure that these definitions are contained in the statement of security in order to avoid the risk that a court will find that this would not be enough. The process of perfection is not prescribed by law, but it remains an important step for those with security interests. Without perfection, it is impossible for safe parties to be truly sure that the debtor`s collateral is safe from other creditors. More frequently, security rights move from one category to another (for example. B where the inventory is sold and thus converted into money or receivables), or the debtor sells the security (even if such a sale is not permitted). . . .