2878

LAWS OF MARYLAND

Ch. 824

(15)  "Document of title" includes bill of
lading, dock warrant, dock receipt, warehouse receipt or
order for the delivery of goods, and also any other document
which in the regular course of business or financing is
treated as adequately evidencing that the person in
possession of it is entitled to receive, hold and dispose of
the document and the goods it covers. To be a document of
title a document must purport to be issued by or addressed
to a bailee and purport to cover goods in the bailee's
possession which are either identified or are fungible
portions of an identified mass.

(16)  "Fault" means wrongful act, omission or
breach.

(17)  "Fungible" with respect to goods or
securities means goods or securities of which any unit is,
by nature or usage of trade, the equivalent of any other
like unit. Goods which are not fungible shall be deemed
fungible for the purpose of Titles 1 through 10 of this
article to the extent that under a particular agreement or
document unlike units are treated as equivalents.

(18)  "Genuine" means free of forgery or
counterfeiting.

(19)  "Good faith" means honesty in fact in the
conduct or transaction concerned.

(20)  "Holder" means a person who is    in
possession of a document of title or an instrument or    an
investment security drawn, issued or indorsed to him or  to
his order or to bearer or in blank.

(21)  To "honor" is to pay or to accept and pay,
or where a credit so engages to purchase or discount a draft
complying with the terms of the credit.

(22)  "Insolvency proceedings" includes any
assignment for the benefit of creditors or other proceedings
intended to liquidate or rehabilitate the estate of the
person involved.

(23)  A person is "insolvent" who either has
ceased to pay his debts in the ordinary course of business
or cannot pay his debts as they become due or is insolvent
within the meaning of the federal bankruptcy law.

(24)  "Money" means a medium of exchange
authorized or adopted by a domestic or foreign government as
a part of its currency.

(25)  A person has "notice" of a fact when:

(a)  He has actual knowledge of it; or

(b)  He has received a notice or
notification of it; or