Ch. 95

2004 LAWS OF MARYLAND

the organization to communicate information unless such communication is part of
[his] THE INDIVIDUAL'S regular duties or [unless he] THE INDIVIDUAL has reason to
know of the transaction and that the transaction would be materially affected by the
information.

(28)   "Organization" includes a corporation, government or governmental
subdivision or agency, business trust, estate, trust, partnership or association, two or
more persons having a joint or common interest, or any other legal or commercial
entity.

(29)   "Party", as distinct from "third party", means a person who has
engaged in a transaction or made an agreement within Titles 1 through 10 of this
article.

(30)   "Person" includes an individual or an organization. (See § 1-102).

(31)   "Presumption" or "presumed" means that the trier of fact must find
the existence of the fact presumed unless and until evidence is introduced which
would support a finding of its nonexistence.

(32)   "Purchase" includes taking by sale, discount, negotiation, mortgage,
pledge, lien, security interest, issue or reissue, [gift] GIFT, or any other voluntary
transaction creating an interest in property.

(33)   "Purchaser" means a person who takes by purchase.

(34)   "Remedy" means any remedial right to which an aggrieved party is
entitled with or without resort to a tribunal.

(35)   "Representative" includes an agent, an officer of a corporation or
association, and a trustee, [executor] EXECUTOR, or administrator of an estate, or
any other person empowered to act for another.

(36)   "Rights" includes remedies.

(37)   "Security interest" means an interest in personal property or fixtures
which secures payment or performance of an obligation. The term also includes any
interest of a consignor and a buyer of accounts, chattel paper, a payment intangible,
or a promissory note in a transaction that is subject to Title 9. The special property
interest of a buyer of goods on identification of such goods to a contract for sale under
§ 2-401 is not a "security interest", but a buyer may also acquire a "security interest"
by complying with Title 9. Except as otherwise provided in § 2-205, the right of a
seller or lessor of goods under Title 2 or Title 2A to retain or acquire possession of
goods is not a "security interest", but a seller or lessor may also acquire a "security
interest" by complying with Title 9. The retention or reservation of title by a seller of
goods notwithstanding shipment or delivery to the buyer (§ 2-401) is limited in effect
to a reservation of a "security interest".

(a) Whether a transaction creates a lease or security interest is
determined by the facts of each. cage; however, a transaction creates a security

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