Page:United States Statutes at Large Volume 77.djvu/667

 77 STAT. ]

PUBLIC LAW 88-243-D EC. 30, 1963

(35) ''Represeiitative'" includes an agent, an officer of a corporation or association, and a trustee, executor or administrator of an estate, or any other person empowered to act for another. (36) "Rights"' includes remedies. (37) "Security interest" means an interest in personal property or fixtures which secures payment or performance of an obligation. The retention or reservation of title by a seller of goods notwithstanding shipment or delivery to the buyer (section 28:2-401) is limited in ejffect to a reservation of a "security interest". The term also includes any interest of a buyer of accounts, chattel paper, or contract rights which is subject to article 9. The special property interest of a buyer of goods on identification of such goods to a contract for sale under section 28:2—401 is not a "security interest", but a buyer may also acquire a "security interest" by complying with article 9. Unless a lease or consignment is intended as security, reservation of title thereunder is not a "security interest" but a consignment is in any event subject to the provisions on consignment sales (section 28:2—326). Whether a lease is intended as security is to be determined by the facts of each case; however, (a) the inclusion of an option to purchase does r:ot of itself make the lease one intended for security, and (b) an agreement that upon compliance with the terms of the lease the lessee shall l>ecome or has the option to become the owner of the property for no additional consideration or for a nominal consideration does make the lease one intended for security. (38) "Send" in connection with any writing or notice means to (lei30sit in the mail or deliver for transmission by any other usual means of communication with postage or cost of transmission provided for and properly addressed and in the case of an instrument to an address specified thereon or otherwise agreed, or if there be none to any address reasonable under the circumstances. The receipt of any writing or notice within the time at which it would have arrived if properly sent has the effect of a proper sending. (39) "Signed" includes any symbol executed or adopted by a party with present intention to authenticate a writing. (40) "Surety" includes guarantor. (41) "Telegram" includes a message transmitted by radio, teletype, cable, any mechanical method of transmission, or the like. (42) "Term" means that portion of an agreement which relates to a particular matter. (43) "Unauthorised" signature or indorsement means one made without actual, implied or apparent authority and includes a forgery. (44) "Value". Except as otherwise provided with respect to negotiable instruments and bank collections (sections 28:3—303, 28:4—208 and 28:4—209) a person gives "value" for rights if he acquires them (a) in return for a binding commitment to extend credit or for the extension of immediately available credit whether or not drawn upon and whether or not a charge-back is provided for in the event of difficulties in collection; or (b) as security for or in total or partial satisfaction of a preexisting claim; or (c) by accepting delivery pursuant to a pre-existing contract for purchase; or (d) generally, in return for any consideration sufficient to support a simple contract. (45) "Warehouse receipt" means a receipt issued by a person engaged in the business of storing goods for hire. (46) "Written" or "writing" includes printing, typewriting or any other intentional reduction to tangible form.

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