Page:United States Statutes at Large Volume 50 Part 1.djvu/72

 75TH CONG RESS, 1sT SESSION-CH. 43-MARCH 17, 1937 sec . 76. DEFINITIONS .- (1) In this Act, unless the context or sub- Definitions. ect matter otherwise requires- "Action" includes counterclaim, set-off, and suit in equity. "Buyer" means a person who buys or agrees to buy goods or any legal successor in interest of such person. "Defendant" includes a plaintiff against whom a right of set-off or counterclaim is asserted. "Delivery" means voluntary transfer of possession from one per- son to another. "Divisi ble co ntract to se ll or sale" means a contr act to sell or a sale in which by its term the price for a portion or portions of the goods less than the whole is fixed or ascertainable by computation. "Document of title to goods" includes any bill of lading, dock warrant, warehouse receipt or order for the delivery of goods, or any other document used in the ordinary course of business in the sale or transfer of goods, as proof of the possession or control of the goods, or authorizing or purporting to authorize the possessor of the document to transfer or receive, either by endorsement or by deliv- ery, goods represented by such document. "Fault" means wrongful act or default. "Fungible goods" means goods of which any unit is from its nature or by mercantile usage treated as the equivalent of any other unit. "Future goods" means goods to be manufactured or acquired by the seller after the making of the contract of sale. "Goods" include all chattels personal other than things in action and money. The term includes emblements, industrial growing crops, and thing s atta ched t o or f orming part of the land - which are ag reed to be severed before sale or under the contract of sale. "Order" in sections of this Act relating to documents of title means an order by endorsement on the documents. "Person" includes a corporation or partnership or two or more persons having a joint or common interest. "Plaintiff" includes defendant asserting a right of set-off or counterclaim. "Property" means the general property in goods, and not merely a special property. "Purchaser" includes mortgagee and pledgee. "Purchases" includes taking as a mortgagee or as a pledgee. "Quality of goods"' includes their state or condition. "Sale" includes a bargain and sale as well as a sale and delivery. "Seller" means a person who sells or agrees to sell goods, or any legal successor in the interest of such person. "Specific goods" means goods identified and agreed upon at the time a contract to sell or a sale is made. "Value" is any consideration sufficient to support a simple contract. An antecedent or preexisting claim, whether for money or not, con- stitutes value where goods or documents of titles are taken either in satisfaction thereof or as security therefor. (2) A thing is done "in good faith" within the meaning of this Ac t when it is in fa ct don e hone stly, whether it be done neglig ently or not. (3) A person is insolvent within the meaning of this Act who either has ceased to pay his debts in the ordinary course of business or cannot pay his debts as they become due, whether he has com- mitted an act of bankruptcy or not, and whether he is insolvent within the meaning of the Federal bankruptcy law or not. (4 ) Good s are in a " delive rable state" within the m eaning of th is Act when they are in such a state that the buyer would, under the contract, be bound to take delivery of them. 47