J. MILLARD TAWES, Governor                        921

ples of construction and interpretation applicable throughout this
Sub-title.

9—106. Definitions: "Account"; "Contract Right"; "General In-
tangibles".

"Account" means any right to payment for goods sold or leased
or for services rendered which is not evidenced by an instrument or
chattel paper. "Contract right" means any right to payment under a
contract not yet earned by performance and not evidenced by an
instrument or chattel paper. "General intangibles" means any per-
sonal property (including things in action) other than goods, ac-
counts, contract rights, chattel paper, documents and instruments.

9—107. Definitions: "Purchase Money Security Interest".

A security interest is a "purchase money security interest" to the
extent that it is

(a)  taken or retained by the seller of the collateral to secure all
or part of its price; or

(b)  taken by a person who by making advances or incurring an
obligation gives value to enable the debtor to acquire rights in or
the use of collateral if such value is in fact so used.

9—108. When After-Acquired Collateral Not Security for Antece-
dent Debt.

Where a secured party makes an advance, incurs an obligation,
releases a perfected security interest, or otherwise gives new value
which is to be secured in whole or in part by after-acquired property
his security interest in the after-acquired collateral shall be deemed
to be taken for new value and not as security for an antecedent debt
if the debtor acquires his rights in such collateral either in the
ordinary course of his business or under a contract of purchase made
pursuant to the security agreement within a reasonable time after
new value is given.

9—109. Classification of Goods; "Consumer Goods"; "Equipment";
"Farm Products"; "Inventory."

Goods are

(1)  "consumer goods" if they are used or bought for use primarily
for personal, family or household purposes;

(2)  "equipment" if they are used or bought for use primarily in
business (including farming or a profession) or by a debtor who is
a non-profit organization or a governmental subdivision or agency or
if the goods are not included in the definitions of inventory, farm
products or consumer goods;

(3)  "farm products" if they are crops or livestock or supplies used
or produced in farming operations or if they are products of crops
or livestock in their unmanufactured states (such as ginned cotton,
wool-clip, maple syrup, milk and eggs), and if they are in the posses-
sion of a debtor engaged in raising, fattening, grazing or other farm-
ing operations. If goods are farm products they are neither equip-
ment nor inventory;