94

LAWS OF MARYLAND

[Ch. 49

creditors, a trustee in bankruptcy, a receiver in equity
and an executor or administrator of an insolvent debtor's
or assignor's estate.

(13)   "Defendant" includes a person in the position
of defendant in a cross—action or counterclaim.

(14)   "Delivery" with respect to instruments,
documents of title, chattel paper or securities means
voluntary transfer of possession.

(15)  "Document of title" includes bill of lading,
dock warrant, dock receipt, warehouse receipt or order
for the delivery of goods, and also any other document
which in the regular course of business or financing is
treated as adequately evidencing that the person in
possession of it is entitled to receive, hold and dispose
of the document and the goods it covers. To be a
document of title a document must purport to be issued by
or addressed to a bailee and purport to cover goods in
the bailee's possession which are either identified or
are fungible portions of an identified mass.

(16)   "Fault" means wrongful act, omission or
breach.

(17)  "Fungible" with respect to goods or securities
means goods or securities of which any unit is, by nature
or usage of trade, the equivalent of any other like unit.
Goods which are not fungible shall be deemed fungible for
the purpose of TITLES 1 THROUGH 10 OF this article to the
extent that under a particular agreement or document
unlike units are treated as equivalents.

(18)    "Genuine" means free of forgery or
counterfeiting.

(19)   "Good faith" means honesty in fact in the
conduct or transaction concerned.

(20)  "Holder" means a person who is in possession
of a document of title or an instrument or an investment
security drawn, issued or indorsed to him or to his order
or to bearer or in blank.

(21)  To "honor" is to pay or to accept and pay, or
where a credit so engages to purchase or discount a draft
complying with the terms of the credit.

(22)     "Insolvency proceedings" includes any
assignment for the benefit of creditors or other
proceedings intended to liquidate or rehabilitate the
estate of the person involved.