ROBERT L. EHRLICH, JR., Governor                              Ch. 95

"Lease contract".........................................................................................§ 2A-103.

"Leasehold interest"..................................................................................§ 2A-103.

"Lessee".......................................................................................................§ 2A-103.

"Lessee in ordinary course of business"..................................................§ 2A-103.

"Lessor"......................................................................................................§ 2A-103.

"Lessor's residual interest".......................................................................§ 2A-103.

"Letter of credit"..........................................................................................§5-102.

"Merchant"....................................................................................................§ 2-104.

"Negotiable instrument"..............................................................................§ 3-104.

"Nominated person".....................................................................................§ 5-102.

"Note"............................................................................................................§3-104.

"Proceeds of a letter of credit".....................................................................§ 5-114.

"Prove"..........................................................................................................§3-103.

"Sale".............................................................................................................§2-106.

"Securities account".....................................................................................§ 8-501.

"Securities intermediary"............................................................................§ 8-102.

"Security".....................................................................................................§8-102.

"Security certificate"....................................................................................§8-102.

"Security entitlement".............................................................................§ 8-102.

"Uncertificated security"..............................................§ 8-102.

9-203.

(b) Except as otherwise provided in subsections (c) through (i), a security
interest is enforceable against the debtor and third parties with respect to the
collateral only if:                                                                                                                     

(1)     Value has been given;                         

(2)     The debtor has rights in the collateral or the power to transfer rights
in the collateral to a secured party; and

(3)     One of the following conditions is met:

(A) The debtor has authenticated a security agreement that
provides a description of the collateral and; if the security interest covers timber to be
cut, a description of the land concerned;

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