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You are asking . . .

Q. We are claiming everything. Can we just state "all personal property" in the security agreement and the financing statement?

A. This is not enough for the security agreement. A security agreement must reasonably identify the collateral, and this description is absolutely not sufficient for a security agreement. N.D.C.C. § 41-09-08(3). However, this is enough for the financing statement. Super-generic descriptions like "all personal property" or "all assets" will suffice for the financing statement. N.D.C.C. § 41-09-75.

Q. Our borrower is going to get a substantial tax refund and we want to take a security interest in it. What do we call it under Revised Article 9?

A. This probably falls under the new creation known as a "payment intangible," which is a general intangible under which the principal obligation of the account debtor is to pay money. N.D.C.C. § 41-09-02(1)(mmm). Better yet, rather than guess into which category a tax refund falls, describe the tax refund itself, which would satisfy the "reasonably identifies" requirement of N.D.C.C. § 41-09-08.