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Years ago I was forced to study something called the Uniform Commercial Code. Shortly after the test, all that gobledegook was forgotten. I assume they've updated it to include these sorts of transactions. I'm pretty sure the answer is in there, somewhere.
Regardless, these sorts of unfortunate threads are highly instructive, even if they do contain a whole bunch of pseudo-law propounded by interweb 1s and 0s that don't know tic from toc.
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