HERBERT R. O'CONOR, GOVERNOR. 387

marketed in the ordinary course of business or finance, of
which the trustee, after the trust receipt transaction, ap-
pears by virtue of possession and the face of the instru-
ment to be the owner. "Instrument" does not include any
document of title to goods.

"Lien creditor" means any creditor who has acquired a
specific lien on the goods, documents or instruments by
attachment, levy, or by any other similar operation of law
or judicial process, including a distraining landlord.

"New value" includes new advances or loans made, or
new obligation incurred, or the release or surrender of a
valid and existing security interest, or the release of a
claim to proceeds under Section 10; but "new value" shall
not be construed to include extensions or renewals of exist-
ing obligations of the trustee, nor obligations substituted
for such existing obligations.

"Persons" means, as the case may be, an individual,
trustee, receiver or other fiduciary, partnership, corpora-
tion, business trust, or other association, and two or more
persons having a joint or common interest.

"Possession", as used in this Article with reference to
possession taken or retained by the entruster, means ac-
tual possession of goods, documents, or instruments, or,
in the case of goods, such constructive possession as, by
means of tags or signs or other outward marks placed
and remaining in conspicuous places, may reasonably be
expected in fact to indicate to the third party in question
that the entruster has control over or interest in the goods.

"Purchase" means taking by sale, conditional sale, lease,
mortgage, or pledge, legal or equitable.

"Purchaser" means any person taking by purchase. A
pledgee, mortgagee or other claimant of a security interest
created by contract is, insofar as concerns his specific se-
curity, a purchaser and not a creditor.

"Security interest" means a property interest in goods,
documents or instruments, limited in extent to securing
performance of some obligation of the trustee or of some
third person to the entruster, and includes the interest of
a pledgee, and title, whether or not expressed to be abso-
lute, whenever such title is in substance taken or retained
for security only.

"Transferee in bulk" means a mortgagee or a pledgee
or a buyer of the trustee's business substantially as a
whole.

"Trustee" means the person having or taking possession
of goods, documents or instruments under a trust receipt
transaction, and any successor in interest of such person.
The use of the word "Trustee" herein shall not be inter-