386 LAWS OF MARYLAND. CH. 268

receipts and pledges of personal property unaccom-
panied by possession in the pledgee and to make uniform
the law with reference thereto.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That a new Article be and it is hereby added to
the Annotated Code of Maryland (1939 Edition), to be
under title "Trust Receipts", said new Article to be known
as Article 9S%, to follow immediately after Article 95 of
said Code, and to read as follows:

ARTICLE 951/2
TRUST RECEIPTS

1. (Definitions. ) In this Article, unless the context or
subject matter otherwise requires:

"Buyer in the ordinary course of trade" means a person
to whom goods are sold and delivered for new value and
who acts in good faith and without actual knowledge of any
limitation on the trustee's liberty of sale, including one
who takes by conditional sale or under a pre-existing mer-
cantile contract with the trustee to buy the goods delivered,
or like goods, for cash or on credit. "Buyer in the ordinary
course of trade" does not include a pledgee, or mortgagee,
a lienor, or a transferee in bulk.

"Document" means any document of title to goods.

"Entruster" means the person who has or directly or by
agent takes a security. interest in goods, documents or
instruments under a trust receipt transaction, and any suc-
cessor in interest of such person. A person in the business
of selling goods or instruments for profit, who at the outset
of the transaction has, as against the buyer, general prop-
erty in such goods or instruments, and who sells the same
to the buyer on credit, retaining title or other security
interest under a purchase money mortgage or conditional
sales contract or otherwise, is excluded.

"Goods" means any chattels personal other than: money,
things in action, or things so affixed to land as to become a
part thereof.

"Instrument" means

(a) any negotiable instrument as defined in the Uni-
form Negotiable Instruments Law and amendments there-
to, or

(b) Any certificate of stock, or bond or debenture for
the payment of money issued by a public or private cor-
poration as part of a series, or

(c) any interim, deposit, or participation certificate or
receipt, or other credit or investment instrument of a sort