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Session Laws, 1980
Volume 739, Page 2880   View pdf image
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Ch. 824

(32)  "Purchase" includes taking by sale,
discount, negotiation, mortgage, pledge, lien, issue or
reissue, gift or any other voluntary transaction creating an
interest in property.

(33)  "Purchaser" means a person who takes by

(34)  "Remedy" means any remedial right to which
an aggrieved party is entitled with or without resort to a

(35)  "Representative" 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 (§ 2-401) is limited in effect to a
reservation of a "security interest." The term also includes
any interest of a buyer of accounts[,] OR chattel paper [,or
contract rights] which is subject to Title 9. The special
property interest of a buyer of goods on identification of
such goods to a contract for sale under § 2-401 is not a
"security interest," but a buyer may also acquire a
"security interest" by complying with Title 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 (§ 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 not
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 become 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 deposit 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.


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Session Laws, 1980
Volume 739, Page 2880   View pdf image
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