WILLIAM DONALD SCHAEFER, Governor                           S.B. 147

(R) "LIEN" MEANS A CHARGE AGAINST OR INTEREST IN GOODS TO
SECURE PAYMENT OF A DEBT OR PERFORMANCE OF AN OBLIGATION, BUT THE
TERM DOES NOT INCLUDE A SECURITY INTEREST.

(S) "LOT" MEANS A PARCEL OR A SINGLE ARTICLE THAT IS THE
SUBJECT MATTER OF A SEPARATE LEASE OR DELIVERY, WHETHER OR NOT IT IS
SUFFICIENT TO PERFORM THE LEASE CONTRACT.

(T) "MERCHANT LESSEE" MEANS A LESSEE THAT IS A MERCHANT WITH
RESPECT TO GOODS OF THE KIND SUBJECT TO THE LEASE.

(U) "PRESENT VALUE" MEANS THE AMOUNT AS OF A DATE CERTAIN OF
ONE OR MORE SUMS PAYABLE IN THE FUTURE, DISCOUNTED TO THE DATE
CERTAIN. THE DISCOUNT IS DETERMINED BY THE INTEREST RATE SPECIFIED BY
THE PARTIES IF THE RATE WAS NOT MANIFESTLY UNREASONABLE AT THE TIME
THE TRANSACTION WAS ENTERED INTO; OTHERWISE, THE DISCOUNT IS
DETERMINED BY A COMMERCIALLY REASONABLE RATE THAT TAKES INTO
ACCOUNT THE FACTS AND CIRCUMSTANCES OF EACH CASE AT THE TIME THE
TRANSACTION WAS ENTERED INTO.

(V) "PURCHASE" INCLUDES TAKING BY SALE, LEASE, MORTGAGE,
SECURITY INTEREST, PLEDGE, GIFT, OR ANY OTHER VOLUNTARY TRANSACTION
CREATING AN INTEREST IN GOODS.

(W) "SUBLEASE" MEANS A LEASE OF GOODS THE RIGHT TO POSSESSION
AND USE OF WHICH WAS ACQUIRED BY THE LESSOR AS A LESSEE UNDER AN
EXISTING LEASE.

(X) "SUPPLIER" MEANS A PERSON FROM WHOM A LESSOR BUYS OR
LEASES GOODS TO BE LEASED UNDER A FINANCE LEASE.

(Y) "SUPPLY CONTRACT" MEANS A CONTRACT UNDER WHICH A LESSOR
BUYS OR LEASES GOODS TO BE LEASED.

(Z) "TERMINATION" OCCURS WHEN EITHER PARTY PURSUANT TO A
POWER CREATED BY AGREEMENT OR LAW PUTS AN END TO THE LEASE CONTRACT
OTHERWISE THAN FOR DEFAULT.

(2)      OTHER DEFINITIONS APPLYING TO THIS TITLE AND THE SECTIONS IN
WHICH THEY APPEAR ARE:

"ACCESSIONS." § 2A-310(1).

"CONSTRUCTION MORTGAGE." § 2A-309(1)(D).

"ENCUMBRANCE." § 2A-309(1)(E).

"FIXTURES." § 2A-309(1)(A).

"FIXTURE FILING." § 2A-309(1)(B).

"PURCHASE MONEY LEASE." § 2A-309(1)(C).

(3)      THE FOLLOWING DEFINITIONS IN OTHER TITLES APPLY TO THIS TITLE:

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