Source: http://www.law.cornell.edu/ucc/2A/2A-103
Timestamp: 2015-02-01 12:34:56
Document Index: 293403213

Matched Legal Cases: ['§ 2', 'ART 1', '§ 2', '§ 2', '§ 2', '§ 2']

§ 2A-103. DEFINITIONS AND INDEX OF DEFINITIONS. | UCC - Uniform Commercial Code | LII / Legal Information Institute
Uniform Commercial Code › U.C.C. - ARTICLE 2A - LEASES (2002) › PART 1. GENERAL PROVISIONS. › § 2A-103. DEFINITIONS AND INDEX OF DEFINITIONS. § 2A-103. DEFINITIONS AND INDEX OF DEFINITIONS.
(a) "Buyer in ordinary course of business" means a person who in good faith and without knowledge that the sale to him [or her] is in violation of the ownership rights or security interest or leasehold interest of a third party in the goods, buys in ordinary course from a person in the business of selling goods of that kind but does not include a pawnbroker. "Buying" may be for cash or by exchange of other property or on secured or unsecured credit and includes receiving goods or documents of title under a pre-existing contract for sale but does not include a transfer in bulk or as security for or in total or partial satisfaction of a money debt.
(b) "Cancellation" occurs when either party puts an end to the lease contractfor default by the other party.
(c) "Commercial unit" means such a unit of goods as by commercial usage is a single whole for purposes of leaseand division of which materially impairs its character or value on the market or in use. A commercial unit may be a single article, as a machine, or a set of articles, as a suite of furniture or a line of machinery, or a quantity, as a gross or carload, or any other unit treated in use or in the relevant market as a single whole.
(d) "Conforming" goods or performance under a lease contractmeans goods or performance that are in accordance with the obligations under the lease contract.
(g) "Finance lease" means a leasewith respect to which:
(iii) one of the following occurs: (A) the lessee receives a copy of the contract by which the lessor acquired the goods or the right to possession and use of the goods before signing the lease contract;
(C) the lessee, before signing the lease contract, receives an accurate and complete statement designating the promises and warranties, and any disclaimers of warranties, limitations or modifications of remedies, or liquidated damages, including those of a third party, such as the manufacturer of the goods, provided to the lessorby the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; or
(i) "Installment lease contract" means a lease contract that authorizes or requires the delivery of goods in separate lotsto be separately accepted, even though the lease contract contains a clause "each delivery is a separate lease" or its equivalent.
(k) "Lease agreement" means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this Article. Unless the context clearly indicates otherwise, the term includes a subleaseagreement.
(l) "Lease contract" means the total legal obligation that results from the lease agreement as affected by this Article and any other applicable rules of law. Unless the context clearly indicates otherwise, the term includes a subleasecontract.
(o) "Lessee in ordinary course of business" means a person who in good faith and without knowledge that the lease to him [or her] is in violation of the ownership rights or security interest or leasehold interest of a third party in the goods leases in ordinary course from a person in the business of selling or leasing goods of that kind but does not include a pawnbroker. "Leasing" may be for cash or by exchange of other property or on secured or unsecured credit and includes receiving goods or documents of title under a pre-existing lease contractbut does not include a transfer in bulk or as security for or in total or partial satisfaction of a money debt.
(r) "Lien" means a charge against or interest in goodsto secure payment of a debt or performance of an obligation, but the term does not include a security interest.
(w) "Sublease" means a lease of goods the right to possession and use of which was acquired by the lessor as a lesseeunder an existing lease.
(y) "Supply contract" means a contract under which a lessor buys or leases goodsto be leased.
"Accessions". -- Section 2A-310(1).
"Construction mortgage". -- Section 2A-309(1)(d).
"Encumbrance". -- Section 2A-309(1)(e).
"Fixtures". -- Section 2A-309(1)(a).
"Fixture filing". -- Section 2A-309(1)(b).
"Purchase money lease". -- Section 2A-309(1)(c).
"Account". -- Section 9-106.
"Between merchants". -- Section 2-104(3).
"Buyer". -- Section 2-103(1)(a).
"Chattel paper". -- Section 9-105(1)(b).
"Consumer goods". -- Section 9-109(1).
"Document". -- Section 9-105(1)(f).
"Entrusting". -- Section 2-403(3).
"General intangibles". -- Section 9-106.
"Good faith". -- Section 2-103(1)(b).
"Instrument". -- Section 9-105(1)(i).
"Merchant". -- Section 2-104(1).
"Mortgage". -- Section 9-105(1)(j).
"Pursuant to commitment". -- Section 9-105(1)(k).
"Receipt". -- Section 2-103(1)(c).
"Sale". -- Section 2-106(1).
"Sale on approval". -- Section 2-326.
"Sale or return". -- Section 2-326.
"Seller". -- Section 2-103(1)(d).
‹ § 2A-102. SCOPE.
§ 2A-104. LEASES SUBJECT TO OTHER LAW. ›