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Secured Transactions - Creation of Security Interests

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Terms in this set (7)
Would a third party, reading the description of the collateral, be able to identify the items in question?
-Party's intent: more important between parties themselves, not third parties
-No "Mother Hubbard" clauses. Must be a specific description based on the definitions of property in the UCC
-Terms will be interpreted in accordance with statutory definition, regardless of what parties thought they meant.
-Goldilocks of Descriptions: vague enough to cover all property, but specific enough to be identifiable