Section 15: Description of Collateral

(1) The Financing Statement must include a description of the collateral that reasonably allows its identification.
(2) A description of collateral is sufficient if the collateral is described by:
(a) item, kind, type or category;
(b) a statement that a security interest is taken in all of the Grantor's present and after-acquired property; or
(c) any other description that reasonably identifies the collateral.
(3) If a financing statement covers serial-numbered goods it must contain information of the serial number, in addition to the information as defined in sub section (2).
(4) Serial-numbered goods that are held as inventory need not be described by a serial number.
(5) A description of serial-numbered goods held as inventory is suffrcient if it satisfies the requirements of sub-section (2).