We believe that you may perfect a security interest in the baseball cards by filing a financing statement, as would be done with any other security interest in personal property. See 810 ILCS 5/9-310(a). The financing statement should describe the baseball cards, as it will become effective only if it “indicates the collateral covered” (among other requirements), and provided that the security interest has attached under a valid security agreement. 810 ILCS 5/9-502(a)(3).

The requirement for a description can be met either by describing the collateral or by a blanket statement stating that the financing statement covers “all assets” or “all personal property.” 810 ILCS 5/9-504. If you choose to describe the collateral, rather than using a blanket statement, you must “reasonably” identify the baseball cards by any method under which “the identity of the collateral is objectively determinable,” such as a specific listing of the cards. 810 ILCS 5/9-108(b). Of course, your security agreement with the customer must describe the property with more specificity than is required in the financing statement. See 810 ILCS 5/9-203(b)(3)(A).

Beyond these observations, we cannot provide advice as to the specific verbiage required in the financing statement; for that, we recommend that you consult with your bank counsel, due to the relatively unusual collateral involved.