Section 6: Description of Collateral in security agreement

(1) A description of a Collateral is adequate if it is described with:
(a) item, kind, type or category, year of manufacture or any other description that can identify the Collateral; or
(b) a statement that a Security Interest is taken in all the present and future assets of the grantor; and
(c) for the purpose of section 6 (1) (a) and (b), a description of the insurance cover on the collateral.
(2) A Security Interest shall extend to the identifiable or traceable proceeds of a Collateral, whether or not the Security Agreement contains a description of the proceeds.