401.201(2)(Lm)1.1. Having generally ceased to pay debts in the ordinary course of business other than as a result of bona fide dispute. 401.201(2)(m)(m) “Money” means a medium of exchange currently authorized or adopted by a domestic or foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between 2 or more countries. 401.201(2)(mm)(mm) “Organization” means a person other than an individual. 401.201(2)(n)(n) “Party,” as distinct from a “3rd party,” means a person that has engaged in a transaction or made an agreement subject to chs. 401 to 411. 401.201(2)(nm)(nm) “Person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity. 401.201(2)(p)(p) “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. 401.201(2)(pm)(pm) “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. 401.201(2)(q)(q) “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. 401.201(2)(r)(r) “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. 401.201(2)(rm)(rm) “Remedy” means any remedial right to which an aggrieved party is entitled with or without resort to a tribunal. 401.201(2)(s)(s) “Representative” means any 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. 401.201(2)(t)(t) “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 ch. 409. The special property interest of a buyer of goods on identification of those goods to a contract for sale under s. 402.401 is not a “security interest,” but a buyer may also acquire a “security interest” by complying with ch. 409. Except as otherwise provided in s. 402.505, the right of a seller or lessor of goods under ch. 402 or 411 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 ch. 409. The retention or reservation of title by a seller of goods notwithstanding shipment or delivery to the buyer (s. 402.401) 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 s. 401.203. 401.201(2)(tm)(tm) “Send” in connection with a writing, record, or notice means any of the following: 401.201(2)(tm)1.1. To deposit in the mail or deliver for transmission by any other usual means of communication with postage or cost of transmission provided for and properly addressed and, in the case of an instrument, to an address specified thereon or otherwise agreed, or if there be none to any address reasonable under the circumstances. 401.201(2)(tm)2.2. In any other way to cause to be received any record or notice within the time it would have arrived if properly sent. 401.201(2)(u)(u) “Signed” includes any symbol executed or adopted with present intention to adopt or accept a writing. 401.201(2)(um)(um) “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. 401.201(2)(v)(v) “Surety” includes a guarantor or other secondary obligor. 401.201(2)(vm)(vm) “Term” means a portion of an agreement that relates to a particular matter. 401.201(2)(w)(w) “Unauthorized signature” means a signature made without actual, implied, or apparent authority. The term includes a forgery. 401.201(2)(wm)(wm) “Warehouse receipt” means a receipt issued by a person engaged in the business of storing goods for hire. 401.201(2)(x)(x) “Writing” includes printing, typewriting, or any other intentional reduction to tangible form. “Written” has a corresponding meaning. 401.201 HistoryHistory: 2009 a. 320.