Nevada § 104.1201 - General definitions

§ 104.1201. General definitions

1. Unless the context otherwise requires, words or phrases defined in this section,

or in the additional definitions contained in other Articles of the Uniform Commercial

Code that apply to particular Articles or parts thereof, have the meanings stated. 2. Subject to definitions contained in other Articles of the Uniform Commercial Code

that apply to particular Articles or parts thereof: (a) “ Action ,” in the sense of a judicial proceeding, includes recoupment, counterclaim, set off,

suit in equity and any other proceeding in which rights are determined. (b) “ Aggrieved party ” means a party entitled to pursue a remedy. (c) “ Agreement ,” as distinguished from “ contract ,” 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 NRS 104.1303 . (d) “ Bank ” means a person engaged in the business of banking and includes a savings bank, savings

and loan association, credit union and trust company. (e) “ Bearer ” means a person in control of a negotiable electronic document of title or a person

in possession of a negotiable instrument, negotiable tangible document of title or

certificated security that is payable to bearer or endorsed in blank. (f) “ Bill of lading ” means a document of title evidencing the receipt of goods for shipment issued by

a person engaged in the business of directly or indirectly transporting or forwarding

goods. The term does not include a warehouse receipt. (g) “ Branch ” includes a separately incorporated foreign branch of a bank. (h) “ Burden of establishing ” a fact means the burden of persuading the trier of fact that the existence of the

fact is more probable than its nonexistence. (i) “ Buyer in ordinary course of business ” means a person that buys goods in good faith, without knowledge that the sale violates

the rights of another person in the goods, and in the ordinary course from a person,

other than a pawnbroker, in the business of selling goods of that kind. A person buys goods in the ordinary course if the sale to the person comports with

the usual or customary practices in the kind of business in which the seller is engaged

or with the seller's own usual or customary practices. A person that sells oil, gas or other minerals at the wellhead or minehead is a

person in the business of selling goods of that kind. A buyer in ordinary course of business may buy for cash, by exchange of other property,

or on secured or unsecured credit, and may acquire goods or documents of title under

a preexisting contract for sale. Only a buyer that takes possession of the goods or has a right to recover the goods

from the seller under Article 2 may be a buyer in ordinary course of business. “Buyer in ordinary course of business” 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. (j) “ Conspicuous ,” with reference to a term, means so written, displayed or presented that, based

on the totality of the circumstances, a reasonable person against which it is to operate

ought to have noticed it. Whether a term is “conspicuous” or not is a decision for the court. (k) “ Consumer ” means a natural person who enters into a transaction primarily for personal, family

or household purposes. (l) “ Contract ,” as distinguished from “ agreement ,” means the total legal obligation that results from the parties' agreement as determined

by the Uniform Commercial Code as supplemented by any other applicable laws. (m) “ Creditor ” includes a general creditor, a secured creditor, a lien creditor and any 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. (n) “ Defendant ” includes a person in the position of defendant in a counterclaim, cross-claim or

third-party claim. (o) “ Delivery ,” with respect to an electronic document of title, means voluntary transfer of control

and, with respect to an instrument, a tangible document of title or an authoritative

tangible copy of a record evidencing chattel paper, means voluntary transfer of possession. (p) “ Document of title ” means a record: (1) That in the regular course of business or financing is treated as adequately evidencing

that the person in possession or control of the record is entitled to receive, control,

hold and dispose of the record and the goods the record covers; and (2) That purports to be issued by or addressed to a bailee and to cover goods in the

bailee's possession which are either identified or are fungible portions of an identified

mass. The term includes a bill of lading, transport document, dock warrant, dock receipt,

warehouse receipt and order for delivery of goods. An electronic document of title means a document of title evidenced by a record consisting of information stored

in an electronic medium. A tangible document of title means a document of title evidenced by a record consisting of information that is

inscribed on a tangible medium. (q) “ Electronic ” means relating to technology having electrical, digital, magnetic, wireless, optical,

electromagnetic or similar capabilities. (r) “ Fault ” means a default, breach or wrongful act or omission. (s) “ Fungible goods ” means: (1) Goods of which any unit, by nature or usage of trade, is the equivalent of any

other like unit; or (2) Goods that by agreement are treated as equivalent. (t) “ Genuine ” means free of forgery or counterfeiting. (u) “ Good faith ,” except as otherwise provided in Article 5, means honesty in fact and the observance

of reasonable commercial standards of fair dealing. (v) “ Holder ” means: (1) The person in possession of a negotiable instrument that is payable either to

bearer or to an identified person that is the person in possession; (2) The person in possession of a negotiable tangible document of title if the goods

are deliverable either to bearer or to the order of the person in possession; or (3) The person in control, other than pursuant to subsection 7 of NRS 104.7106 , of a negotiable electronic document of title. (w) “ Insolvency proceeding ” includes an assignment for the benefit of creditors or other proceeding intended

to liquidate or rehabilitate the estate of the person involved. (x) “ Insolvent ” means: (1) Having generally ceased to pay debts in the ordinary course of business other

than as a result of bona fide dispute; (2) Being unable to pay debts as they become due; or (3) Being insolvent within the meaning of federal bankruptcy law. (y) “ Money ” means a medium of exchange that is currently authorized or adopted by a domestic

or foreign government and is not a central bank digital currency. The term includes a monetary unit of account established by an intergovernmental

organization or by agreement between two or more countries. As used in this paragraph, “ central bank digital currency ”: (1) Means a digital currency, a digital medium of exchange or a digital monetary unit

of account issued by the United States Federal Reserve System, a federal agency, a

foreign government, a foreign central bank or a foreign reserve system that is made

directly available to a consumer by such entities; and (2) Includes a digital currency, a digital medium of exchange or a digital monetary

unit of account issued by the United States Federal Reserve System, a federal agency,

a foreign government, a foreign central bank or a foreign reserve system that is processed

or validated directly by such entities. (z) “ Organization ” means a person other than a natural person. (aa) “ Party ,” as distinguished from “ third party ,” means a person that has engaged in a transaction or made an agreement subject to

the Uniform Commercial Code. (bb) “ Person ” means a natural person, corporation, business trust, estate, trust, partnership,

limited-liability company, association, joint venture, government, governmental subdivision,

agency or instrumentality, or any other legal or commercial entity. The term includes a protected series, however denominated, of an entity if the protected

series is established under law other than the Uniform Commercial Code that limits,

or limits if conditions specified under the law are satisfied, the ability of a creditor

of the entity or of any other protected series of the entity to satisfy a claim from

assets of the protected series. (cc) “ Present value ” means the amount as of a date certain of one or more sums payable in the future,

discounted to the date certain by use of either an interest rate specified by the

parties if that rate is not manifestly unreasonable at the time the transaction is

entered into or, if an interest rate is not so specified, a commercially reasonable

rate that takes into account the facts and circumstances at the time the transaction

is entered into. (dd) “ Purchase ” means taking by sale, lease, discount, negotiation, mortgage, pledge, lien, security

interest, issue or reissue, gift or any other voluntary transaction creating an interest

in property. (ee) “ Purchaser ” means a person that takes by purchase. (ff) “ Record ” means information that is inscribed on a tangible medium or that is stored in an

electronic or other medium and is retrievable in perceivable form. (gg) “ Remedy ” means any remedial right to which an aggrieved party is entitled with or without

resort to a tribunal. (hh) “ Representative ” means a person empowered to act for another, including an agent, an officer of a

corporation or association, and a trustee, executor or administrator of an estate. (ii) “ Right ” includes remedy. (jj) “ Security interest ” means an interest in personal property or fixtures which secures payment or performance

of an obligation. “ Security interest ” 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 Article 9. “Security interest” does not include the special property interest of a buyer of

goods on identification of those goods to a contract for sale under NRS 104.2401 , but a buyer may also acquire a “security interest” by complying with Article 9. Except as otherwise provided in NRS 104.2505 , the right of a seller or lessor of goods under Article 2 or 2A 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 Article 9. The retention or reservation of title by a seller of goods notwithstanding shipment

or delivery to the buyer under NRS 104.2401 is limited in effect to a reservation of a “security interest.” Whether a transaction in the form of a lease creates a “security interest” is determined

pursuant to NRS 104.1203 . (kk) “ Send ,” in connection with a record or notification, means: (1) To deposit in the mail, deliver for transmission or transmit by any other usual

means of communication, with postage or cost of transmission provided for and addressed

to any address reasonable under the circumstances; or (2) To cause the record or notification to be received within the time it would have

been received if properly sent under subparagraph (1). (ll) “ Sign ” means, with present intent to authenticate or adopt a record: (1) Execute or adopt a tangible symbol; or (2) Attach to or logically associate with the record an electronic symbol, sound or

process. “ Signed ,” “ signing ” and “ signature ” have corresponding meanings. (mm) “ State ” means a state of the United States, the District of Columbia, Puerto Rico, the United

States Virgin Islands, or any territory or insular possession subject to the jurisdiction

of the United States. (nn) “ Surety ” includes a guarantor or other secondary obligor. (oo) “ Term ” means a portion of an agreement that relates to a particular matter. (pp) “ Unauthorized signature ” means a signature made without actual, implied or apparent authority. The term includes a forgery. (qq) “ Warehouse receipt ” means a document of title issued by a person engaged in the business of storing

goods for hire. (rr) “ Writing ” includes printing, typewriting or any other intentional reduction to tangible form. “Written” has a corresponding meaning.