(12) “Contract”, as opposed to “Contract”, means the entire legal obligation arising from the agreement of the parties under the Uniform Commercial Code supplemented by other applicable laws. (27) “person” means an individual, corporation, trust, estate, trust, partnership, limited liability company, association, joint venture, government, government subdivision, agency or body, public body or other legal or business person; (a) Unless the context indicates otherwise, words or expressions defined in this section or in additional definitions in other articles of the Uniform Commercial Code and applicable to certain articles or parts of articles have the meaning indicated. (b) subject to definitions in other sections of the Uniform Commercial Code that apply to certain goods or parts of goods: (9) “buyer in the ordinary course of business” means a person who purchases goods in good faith, without knowing that the sale infringes the rights of another person in the goods, and in the ordinary course of business, other than pawnshops; sell such goods. A person purchases goods in the ordinary course of business if the sale to the person is in accordance with the usual or customary practices of the type of business in which the seller is employed or with the usual or customary practices of the seller. A person who sells oil, gas or other minerals at the wellhead or minehead is a person who sells such goods. A buyer may, in the ordinary course of business, purchase for cash, exchange for other property, or on secured or unsecured credit, and purchase property or documents of ownership under a pre-existing contract of sale. Only a buyer who takes possession of the goods or is entitled to receive them from the seller in accordance with article 2 may be a buyer in the ordinary course of business. The term “ordinary course buyer” does not include a person who acquires goods in bulk or as security or for payment of all or part of a monetary debt. (29) `purchase` means assumption by sale, lease, discount, negotiation, mortgage, pledge, lien, security, issue or reissue, gift or any other voluntary transaction creating a right of ownership; (10) “conspicuous” means in relation to a term, written, displayed or presented in such a way that a reasonable person against whom it is intended to act would have noticed. Whether a term is “visible” or not is a court decision. The most prominent terms include: (A) a title in capital letters equal to or greater than the surrounding text, or as opposed to the font, font, or color of the surrounding text of equal or smaller size; and (B) speech in the body of a recording or display in characters larger than the surrounding text, or contrasting the font, font, or color of the surrounding text of the same size, or distinguished from surrounding text of the same size by symbols or other markers that draw attention to the language. (40) `clause` means a part of an agreement relating to a particular matter.
(30) `buyer` means a person who takes by purchase. (13) `creditor` means a general creditor, a secured creditor, a secured creditor and any representative of creditors, including an assignee for the benefit of creditors, a trustee in bankruptcy, an insolvency practitioner and an executor or administrator of the estate of an insolvent debtor or assignor. 37. `signed` means the use of a symbol signed or adopted with the current intention to accept or accept a document. (23) “insolvent” means: (a) have generally failed to pay their debts in the ordinary course of business, except as a result of bona fide litigation; (b) be unable to pay its debts when due; or (C) be insolvent within the meaning of federal insolvency law. (20) “good faith”, except as otherwise provided in Article 5, means genuine honesty and fair trade standards. 21. “holder” means: (a) the holder of a security payable either to the holder or to a specified person in possession; or (B) the person in possession of title, if the goods can be delivered either to the holder or on behalf of the possessing person. 15. `supply` means, in the case of an instrument, title or movable property, the voluntary transfer of possession. (32) `remedy` means any remedy available to an injured party, whether or not before a court. 5.
`holder` means a person in possession of a negotiable instrument, title or authenticated security payable to the holder or deposited in blank; (31) `recording` means information written on a tangible medium or stored on an electronic or other medium and searchable in a perceptible form; “Unique.” Merriam-Webster.com Dictionary, Merriam-Webster, www.merriam-webster.com/dictionary/one%20of%20a%20kind. Retrieved 11 October 2022. (24) `currency` means a medium of exchange currently approved or accepted by a domestic or foreign government. This term covers a monetary unit of account defined by an intergovernmental organization or by an agreement between two or more countries. (17) “fault” means an omission, breach or unlawful act or omission; (43) “Writing” includes printing, typewriter or any other deliberate reduction to physical fitness. “Written” has a corresponding meaning. (4) `bank` means a person engaged in banking activities, including a savings bank, a savings and credit association, a credit union and a trust company; 19. `authentic` means free from counterfeiting or imitation. (3) “Agreement”, as opposed to “Agreement”, means the actual arrangement of the parties as found in their language or derived from other circumstances, including performance history, business dealings or usage of trade pursuant to Sections 1-303. (33) `representative` means a person authorised to act on behalf of another person, including a representative, an officer of a partnership or association and a trustee; executor or executor. (25) `organization` means a person other than an individual; 16. `title deed` means a bill of lading, a mooring mandate, an open-ended receipt, a warehouse receipt or a purchase order for the supply of goods, and any other document that, in the ordinary course of business or financing, is considered reasonable evidence that the person holding it is entitled to receive, to hold and dispose of the document and the goods contained therein.
To be a document of ownership, a document must be deemed to be issued by or addressed to a guarantor and to refer to property belonging to the bailiff that are either identified or fungible parts of an identified mass. (36) “sending” means, in connection with a document, fixation or communication: (A) be mailed or delivered for transmission by any other usual means of communication with the postage or transmission charges provided for and duly addressed and, in the case of an instrument, to an address specified therein or otherwise agreed, or, failing that, at an address appropriate to the circumstances; or (B) ensure that records or notifications are received within the specified time frame. (42) `warehouse receipt` means a receipt issued by a person storing goods for hire or reward; (sooh-ee jen-your-iss) n. Latin for “unique”, unique. (8) The “burden of proof” of a fact means the burden of convincing the examiner of the facts that the existence of the fact is more probable than its non-existence. (41) `unauthorised signature` means a signature made out without real, implied or apparent authorisation; The term includes a fake. (39) The term `guarantee` includes a surety or other joint debtor. (28) `present value` means the amount determined at a given time from one or more future amounts payable, discounted on the specified date, either using an interest rate set by the parties, if that interest rate is not manifestly unreasonable at the time of the transaction, or where an interest rate is not so specified; an economically reasonable interest rate that takes into account the facts and circumstances at the time of the transaction.
(11) `consumer` means a natural person who carries out a transaction primarily for personal, family or household purposes; 18. `reasonable goods` means: (A) goods the unit of which, by reason of its nature or commercial usage, is assimilated to another similar entity; or (B) goods processed as agreed. 2. `injured party` means a party entitled to a remedy; (22) `insolvency proceedings` means the assignment for the benefit of creditors or other proceedings for the liquidation or reorganisation of the assets of the person concerned.