No.9l20l7 Movnrln Pnopnnry Securury Inrrrnnsm Cap. 14:35 (2) A debtor nust have rights in the asset to be encumbered encumber it. s the power to (3) A security agreement rray provide for the creation of a security interest in a future asset, (4) A security agreement must- (a) h in writing, and signed by the secured creditor and the debtor; and (b) identif the securedcreditcand the debtor; and (c) exceptin the case ofan agreementthat provides forthe outright transfer of a receivable or other liquid document, describe the secured obligation, whther by a reference to all obligations or generically or spcifically; and (d) describe the collateral as provided in paragraph 4. (5) Subject to 8, either party to a securiry agr€ment may register an initial notice in the Collateral Registry by completing the prescribed form and submitting it to the Registrar. (6) A security agteement entered into and registered in accordance with this paragraph creates a security interest and is enforceable, despite nd complying wittr fcmalities impoced by other laws. Obligations tlnt nwy be secured and assets that may be encumbercd (l) A security intmst may secure any tlre of obligation, pr€sent or flrfure, determined or determinable, conditional or unconditional, fixed or fluctuating. 3. (2) A security interest may encumbc a movable asset confonrdtrg to any one of the following descriptions,or a combination of them* (a) any specific rnovable asset, or quantity described by a computational fo,rmula: O) (c) (d) any part of a movable asset or an undivided right in a movable asset; of specific assets, or an asset any class, cat€gory or type of movable assets; all of a debtor's movable assets of whatever description, whether the assets are existing or future assets. De scription of collate ral 4. (1) The collatsal must be described in ttre security agreement in a manner that will enable it to be identified with reasonable certainty. (2) Adescription that indicates that the collateral consists of all of the debtor's movable assets, or of all of tbe dehor's movable assets of a specific description, satisfies the standard of subparagraph (l). (3) Serial-numberpd collateral must be described by a serial number, and the make and the name of manufacturer, unless it is held as an inventtry. (4)Adescripion reasoqably identifies the collateral if it identifies the collateral by describing it in any of the ways referred to in paragraph 3(2). Tangible 5. aasets covercd by negotiable doctmunts or used in connection with inte llec aml p ro p e rty rights (l) A security interest in a negotiable document includes ttre tangible asset covered by tlre document:.. Provided that the issuer of ttre document is in possession of the asset at the time the secwity interest in the document is created. 158