| | | cite subsection (5)] does not require a description to be | | specific. For example, a description such as "all tort claims | | arising out of the explosion of debtor's factory" would suffice, | | even if the exact amount of the claim, the theory on which it may | | be based, and the identity of the tortfeasor(s) are not | | described. (Indeed, those facts may not be known at the time.) |
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| | | (1)__Except as otherwise provided in subsections (3) and (4), | | this Article applies to: |
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| | | (a)__A transaction, regardless of its form, that creates a | | security interest in personal property or fixtures by | | contract; |
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| | | (b)__An agricultural lien; |
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| | | (c)__A sale of accounts, chattel paper, payment intangibles | | or promissory notes; |
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| | | (e)__A security interest arising under section 2-401, 2-505, | | 2-711, subsection (3) or 2-1508, subsection (5), as provided | | in section 9-1110; and |
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| | | (f)__A security interest arising under section 4-210 or 5- | | 1118. |
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| | | (2)__The application of this Article to a security interest in | | a secured obligation is not affected by the fact that the | | obligation is itself secured by a transaction or interest to | | which this Article does not apply. |
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| | | (3)__This Article does not apply to the extent that: |
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| | | (a)__A statute, regulation or treaty of the United States | | preempts this Article; |
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| | | (b)__Another statute of this State expressly governs the | | creation, perfection, priority or enforcement of a security | | interest created by this State or a governmental unit of | | this State; |
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