§ 1201. General definitions
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial CodeEffective: June 16, 2008
Effective: June 16, 2008
13 Pa.C.S.A. § 1201
§ 1201. General definitions
(b) Definitions.--Subject to additional definitions contained in subsequent provisions of this title which are applicable to specific provisions of this title, the following words and phrases when used in this title shall have, unless the context clearly indicates otherwise, the meanings given to them in this subsection:
(3) “Agreement.” As distinguished from “contract” under paragraph (12), the term means the bargain of the parties in fact, as found in their language or inferred from other circumstances, including course of performance, course of dealing or usage of trade as provided in section 1303 (relating to course of performance, course of dealing and usage of trade).
The term does not include a person that acquires goods in a transfer in bulk or as security for or in total or partial satisfaction of a money debt.
(13) “Creditor.” The term includes a general creditor; a secured creditor; a lien creditor; a representative of creditors, including an assignee for the benefit of creditors; a trustee in bankruptcy; a receiver in equity and an executor or administrator of an insolvent debtor's or assignor's estate.
The term includes a bill of lading, transport document, dock warrant, dock receipt, warehouse receipt and order for delivery of goods.
(ii) The term does not include the special property interest of a buyer of goods on identification of those goods to a contract for sale under section 2401 (relating to passing of title; reservation for security; limited application of section), but a buyer may also acquire a “security interest” by complying with Division 9 (relating to secured transactions).
(iii) Except as otherwise provided in section 2505 (relating to shipment by seller under reservation), the right of a seller or lessor of goods under Division 2 (relating to sales) or 2A (relating to leases) to retain or acquire possession of the goods is not a “security interest”; but a seller or lessor may also acquire a “security interest” by complying with Division 9. The retention or reservation of title by a seller of goods notwithstanding shipment or delivery to the buyer under section 2401 is limited in effect to a reservation of a “security interest.”
Credits
2008, April 16, P.L. 57, No. 13, § 1.1, effective in 60 days [June 16, 2008].
13 Pa.C.S.A. § 1201, PA ST 13 Pa.C.S.A. § 1201
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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