No, we are not aware of any law or rule that would require you to list the debtor’s address in the security agreement, provided that it is obvious or readily inferable that the equipment is located in the debtor’s restaurant.

At least one Illinois court has held that, with respect to a security agreement, “it is unnecessary to set forth the address where the collateral is to be located, in the description of the collateral, whenever it is obvious or readily inferable that the type of collateral covered would naturally be located in those places where the debtor does business.” In this case, the court held that the description of the collateral as “all inventory” was a sufficient description of the collateral, and it rejected a claim that because the security interest did not list an address, it was not a sufficient description.

For resources related to our guidance, please see below:

• In Re Little Brick Shirthouse, Inc., 347 F.Supp. 827, 829 (N.D. Ill. 1972) (“It is unnecessary to set forth the address where collateral is to be located, in the description of collateral, whenever it is obvious or readily inferable that the type of collateral covered would naturally be located in those places where the debtor does business.”)
• Illinois UCC, 810 ILCS 5/9-108 (a collateral description is sufficient if “the identity of the collateral is objectively determinable”)