Secured Transaction Act, 2063 (2006)
Section 22
Collateral Description
A description of a collateral shall be deemed to be
sufficient if it reasonably identifies what is intended to be described. A
description of a collateral may also be expressed in general terms except as
provided otherwise in this Act with respect to serial numbered vehicles.
Explanation: For the purposes of this Section, the expression “in general
terms” shall mean a description indicated by a security giver by using phrases
such as “all assets” or “all movable property” of the security giver, except with
respect to consumer goods.
Secured Transaction Act, 2063 (2006)
Chapter - 4
Section 26: Maturality Of Security InterestSection 27: Continuity Of MaturitySection 28: Priority Among Security Interests In The Same CollateralSection 29: Priority Of Security Interest Over Right Of Lien HolderSection 30: Effect Of Purchase Of CollateralSection 31: Lessee Of CollateralSection 32: Notice Of Purchase Money Security InterestSection 33: Disposition Of Collateral And Proceed ThereofSection 34: Priority Of Purchase Money Security Interest In EquipmentSection 35: Priority Of Purchase Money Security Interest In Inventory Or LivestockSection 36: Priority Of Right Of RetentionSection 37: FixturesSection 38: CropsSection 39: AccessionsSection 40: Commingled GoodsSection 41: Purchase Of Secured Sales Contracts And InstrumentsSection 42: AssignmentSection 43: Restriction On Sale Or AssignmentSection 44: Future AdvancesSection 45: Alteration In Priority