MARVIN MANDEL, Governor

97

interest" by complying with [subtitle] TITLE 9, Unless
a lease or consignment is intended as security,
reservation of title thereunder is not a "security
interest" but a consignment is in any event subject to
the provisions on consignment sales (§2—326). Whether
a lease is intended as security is to be determined by
the facts of each case; however, (a) the inclusion of an
option to purchase does not of itself make the lease one
intended for security, and (b) an agreement that upon
compliance with the terms of the lease the lessee shall
become or has the option to become the owner of the
property for no additional consideration or for a nominal
consideration does make the lease one intended for
security.

(38)  "Send" in connection with any writing or
notice means to deposit in the mail or deliver for
transmission by any other usual means of communication
with postage or cost of transmission provided for and
properly addressed and in the case of an instrument to an
address specified thereon or otherwise agreed, or if
there be none to any address reasonable under the
circumstances. The receipt of any writing or notice
within the time at which it would have arrived if
properly sent has the effect of a proper sending.

(39)   "Signed" includes any symbol executed or
adopted by a party with present intention to authenticate
a writing.

(40)   "Surety" includes guarantor.

(41)   "Telegram" includes a message transmitted by
radio, teletype, cable, any mechanical method of
transmission, or the like.

(42)    "Term" means that portion of an agreement
which relates to a particular matter.

(43)  "Unauthorised signature or indorsement" means
one made without actual, implied or apparent authority
and includes a forgery.

(44)  "Value." Except as otherwise provided with
respect to negotiable instruments and bank collections
(§§ 3-30 3, 4-208 and 4-209) a person gives "value" for
rights if he acquires them

(a) In return for a binding commitment to
extend credit or for the extension of immediately
available credit whether or not drawn upon and whether or
not a charge—back is provided for in the event of
difficulties in collection; or