388 LAWS OF MARYLAND. CH. 268

preted or construed to imply the existence of a trust or
any right or duty of a trustee in the sense of equity juris-
prudence other than as provided by this Article.

"Value" means any consideration sufficient to support
a simple contract. An antecedent or pre-existing claim,
whether f or money or not, and whether against the trans-
feror or against another person, constitutes value where
goods, documents or instruments are taken either in satis-
faction thereof or as security therefor.

2. (What Constitutes Trust Receipt Transaction and
Trust Receipt. )

(1). A trust receipt transaction within the meaning of
this Article is any transaction to which an entruster and a
trustee are parties, for one of the purposes set forth in
Sub-section (3), whereby

(a) the entruster or any third person delivers to the
trustee goods, documents or instruments in which the en-
truster (1) prior to the transaction has, or for new value
(2) by the transaction acquires or (3) as the result thereof
is to acquire promptly, a security interest; or

(b) the entruster gives new value in reliance upon
the transfer by the trustee to such entruster of a security
interest in instruments or documents which are actually
exhibited to such entruster, or to his agent in that behalf,
at a place of business of either entruster or agent, but
possession of which is retained by the trustee; provided
that the delivery under paragraph (a) or the giving of
new value under paragraph (b) either (1) be against the
signing and delivery by the trustee of a writing designat-
ing the goods, documents or instruments concerned, and
reciting that a security interest therein remains in or will
remain in, or has passed to or will pass to, the entruster,
or (2) be pursuant to a prior or concurrent written and
signed agreement of the trustee to give such a writing.

The security interest of the entruster may be derived
from the trustee or from any other person, and by pledge
or by transfer of title or otherwise.

If the trustee's rights in the goods, documents or in-
struments are subject to a prior trust receipt transaction,
or to a prior equitable pledge, Section 9 and Section 3,
respectively, of this Article, determine the priorities.

(2) A writing such as is described in sub-section (1),
paragraph (b) (1), signed by the trustee, and given in or
pursuant to such a transaction, is designated in this Arti-
cle as a "trust receipt". No further formality of execution
or authentication shall be necessary to the validity of a
trust receipt.