1-201 Terms Flashcards
Bank
a person engaged in the business of banking and includes a savings bank, savings and loan association, credit union, and trust company.
Bearer
a person in control of a negotiable electronic document of title or a person in possession of a negotiable instrument, negotiable tangible document of title, or certificated security that is payable to bearer or indorsed in blank.
Bill of lading
a document of title evidencing the receipt of goods for shipment issued by a person engaged in the business of directly or indirectly transporting or forwarding goods. The term does not include a warehouse receipt.
Burden of establishing
the burden of persuading the trier of fact that the existence of the fact is more probable than its nonexistence
Agreement
distinguished from “contract”, means the bargain of the parties in fact, as found in their language or inferred from other circumstances, including course of performance, course of dealing, or usage of trade as provided in Section 1-303
Contract
as distinguished from “agreement”, mean the total legal obligation that results from the parties’ agreement as determined by the Uniform Commercial Code as supplemented by any other applicable laws.
Creditor
includes a general creditor, a secured creditor, a lien creditor, and any representative of creditors, including an assignee for the benefit of creditors, a trustee in bankruptcy, a receiver in equity, and an executor or administrator of an insolvent debtor’s or assignor’s estate.
Delivery
with respect to an electronic document of title means voluntary transfer of control and with respect to an instrument, a tangible document of title, or chattel paper, means voluntary transfer of possession
Document of Title
means a record that:
(i) in the regular course of business of financing is treated as adequately evidencing that the person in possession or control of the record is entitled to receive, control, hold, and dispose of the record and the goods the record covers and;
(ii) purports to be issued by or addressed to a bailee and to cover goods in the bailee’s possession which are either identified or are fungible portions of an identified mass.
The term includes a bill of lading, transport document, dock warrant, dock receipt, warehouse receipt, and order for delivery of goods. An electronic document of title means a document of title evidenced by a record consisting of information that is inscribed on a tangible medium.
Good faith
except as otherwise provided in Article 5, means honesty in fact and the observance of reasonable commercial standards of fair dealing.
Holder
(a) the person in possession of a negotiable instrument that is payable either to bearer or to an identified person that is person in possession;
(b) the person in possession of a negotiable tangible document of title if the goods are deliverable either to bearer or to the order of the person in possession; or
(c) the person in control of a negotiable electronic document of title
Money
a medium of exchange currently authorized or adopted by a domestic or foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more countries.
Purchase
taking by sale, lease, discount, negotiation, mortgage pledge, lien, security interest, issue or reissue, gift, or any other voluntary transaction creating an interest in property
Representative
a person empowered to act for another, including an agent, an officer of a corporation or association, and a trustee, executor, or administrator of an estate
Security interest
means an interest in personal property or fixtures which secures payment or performance of an obligation.
