Section 511 - Definitions; "security receipt"; "equipment trust certificate"(a) The term "security receipt" means any writing in and by which the signer sets forth that the person named therein, or the bearer, is entitled to receive a specified principal amount, par value, or number, of bonds, notes, debentures, shares of stock, equipment trust certificates, voting trust certificates of shares of stock, scrip, or other security or securities of any kind or character identified or described therein, absolutely, or when, as, and if received by the signer, or upon any other contingency stated or referred to therein.(b) The term "equipment trust certificate" means any writing in and by which the signer sets forth that the person named therein, or the bearer, is entitled to an interest, or a share of, a specified principal amount or par value in money, or the payment of any money, under an identified trust indenture pursuant to the terms of which the title to rolling stock, vehicles, or equipment for use by or on the liens or routes of carriers, or to vessels or other maritime equipment, is held by trustees for the ratable benefit of all the holders of the interests or shares. The term "equipment trust certificate" shall include the dividend warrants or the coupons attached to such writing.(c) The term "value" means any consideration sufficient to support a simple contract. An antecedent or pre-existing debt constitutes value where a security receipt or equipment trust certificate is taken either in satisfaction thereof or as security therefor.(d) The term "holder" means the person in possession, howsoever such possession may have been acquired, of any security receipt or equipment trust certificate. 1. Which by its terms entitles such person in possession to the benefits thereof; or2. Which by its terms entitles a person named therein to the benefits thereof and which has been specifically endorsed to such person in possession;3. Which by its terms entitles a person named therein to the benefits thereof and which has been endorsed in blank;4. Which by its terms entitles the bearer to the benefits thereof.(e) The term "person" includes individuals, partnerships, corporations, and other associations.(f) For the purposes of this act, the character of any such security receipt or equipment trust certificate is not affected by the inclusion therein of other provisions not limiting the right of transfer or the negotiable quality thereof as in this act provided.1927, March 29, P.L. 73, § 1.