NY UCC § 2-A-103 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 2-A - Leases Part 1 - General Provisions 2-A-103 - Definitions and Index of Definitions.

Section 2-A-103. Definitions and Index of Definitions.  (1) In this Article unless the context otherwise requires:       (a)  "Buyer in ordinary course of business" means a person who in            good faith and without knowledge that the sale to him  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  acquiring  goods            or  documents  of title under a preexisting 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 contract for 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 lease and 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 contract"            means goods or performance that are in  accordance  with  the            obligations under the lease contract.       (e) "Consumer  lease"  means  a  lease  that  a  lessor regularly            engaged in the business of leasing  or  selling  makes  to  a            lessee  who  is  an  individual and who takes under the lease            primarily for personal, family, or household purposes.       (f) "Fault" means wrongful act, omission, breach, or default.       (g) "Finance lease" means a lease with respect to which: (i)  the            lessor  does  not  select,  manufacture, or supply the goods;           (ii) the lessor acquires the goods or the right to possession            and use of the goods in connection with the lease; and  (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; (B) the lessee's approval of the contract by            which  the  lessor  acquired  the  goods  or  the  right   to            possession   and   use   of  the  goods  is  a  condition  to            effectiveness of 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 any third            party, such as the manufacturer of the goods, provided to the            lessor  by  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 (D)            if  the lease is not a consumer lease, the lessor, before the            lessee signs  the  lease  contract,  informs  the  lessee  in            writing (a) of the identity of the person supplying the goods            to the lessor, unless the lessee has selected that person and            directed  the  lessor  to  acquire  the goods or the right to            possession and use of the goods from that  person,  (b)  that            the lessee is entitled under this Article to the promises and            warranties,  including  those of any third party, provided to             the lessor by 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,            and  (c)  that  the  lessee  may  communicate with the person            supplying the goods to the lessor and receive an accurate and            complete  statement  of  those   promises   and   warranties,            including  any  disclaimers  and  limitations  of  them or of            remedies.       (h) "Goods" means all things that are  movable  at  the  time  of            identification   to  the  lease  contract,  or  are  fixtures         Section 2-A-309), but  the  term  does  not  include  money,            documents,  instruments,  accounts,  chattel  paper,  general            intangibles, or minerals or the like, including oil and  gas,            before  extraction.   The term also includes the unborn young            of animals.       (i) "Installment lease contract"  means  a  lease  contract  that            authorizes or requires the delivery of goods in separate lots            to  be  separately  accepted,  even though the lease contract            contains a clause "each delivery is a separate lease" or  its            equivalent.       (j) "Lease"  means  a transfer of the right to possession and use            of goods for a term in return for consideration, but a  sale,            including  a  sale  on  approval  or  a  sale  or  return, or            retention or creation of a security interest is not a  lease.            Unless  the  context  clearly  indicates  otherwise, the term            includes a sublease.       (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 sublease agreement.       (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  sublease            contract.       (m) "Leasehold  interest" means the interest of the lessor or the            lessee under a lease contract.       (n) "Lessee" means a person who acquires the right to  possession            and  use  of  goods under a lease. Unless the context clearly            indicates otherwise, the term includes a sublessee.       (o) "Lessee in ordinary course of business" means a person who in            good faith and without knowledge that the lease to him 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  acquiring  goods            or  documents of title under a preexisting lease contract but            does not include a transfer in bulk or as security for or  in            total or partial satisfaction of a money debt.       (p) "Lessor" means a person who transfers the right to possession            and  use  of  goods under a lease. Unless the context clearly            indicates otherwise, the term includes a sublessor.       (q) "Lessor's residual interest" means the lessor's  interest  in            the  goods  after expiration, termination, or cancellation of            the lease contract.       (r) "Lien"  means a charge against or interest in goods to secure            payment of a debt or performance of an  obligation,  but  the            term does not include a security interest.       (s) "Lot"  means a parcel or a single article that is the subject            matter of a separate lease or delivery, whether or not it  is            sufficient to perform the lease contract.       (t) "Merchant  lessee"  means  a  lessee  that is a merchant with            respect to goods of the kind subject to the lease.       (u) "Present value" means the amount as of a date certain of  one            or  more  sums  payable in the future, discounted to the date            certain. The discount is  determined  by  the  interest  rate            specified  by  the  parties  if  the  rate was not manifestly            unreasonable at the time the transaction  was  entered  into;            otherwise,  the  discount  is  determined  by  a commercially            reasonable  rate  that  takes  into  account  the  facts  and            circumstances  of  each  case at the time the transaction was            entered into.       (v) "Purchase" includes taking by sale, lease, mortgage, security            interest, pledge, gift, or any  other  voluntary  transaction            creating an interest in goods.       (w) "Sublease" means a lease of goods the right to possession and            use  of which was acquired by the lessor as a lessee under an            existing lease.       (x) "Supplier" means a person from whom a lessor buys  or  leases            goods to be leased under a finance lease.       (y) "Supply  contract" means a contract under which a lessor buys            or leases goods to be leased.       (z) "Termination" occurs when either party pursuant  to  a  power            created by agreement or law puts an end to the lease contract            otherwise than for default.  (2)  Other  definitions  applying  to this Article and the sections in which they appear are:   "Accessions". Section 2-A-310(1).   "Construction mortgage". Section 2-A-309(1)(d).   "Encumbrance". Section 2-A-309(1)(e).   "Fixtures". Section 2-A-309(1)(a).   "Fixture filing". Section 2-A-309(1)(b).   "Purchase money lease". Section 2-A-309(1)(c).  (3) The following definitions in other articles apply to this Article:                "Account".                 Section 9--102(a)(2).                "Between merchants".       Section 2--104(3).                "Buyer".                   Section 2--103(1)(a).                "Chattel paper".           Section 9--102(a)(11).                "Consumer goods".          Section 9--102(a)(23).                "Document".                Section 9--102(a)(30).                "Entrusting".              Section 2--403(3).                "General intangible".      Section 9--102(a)(42).                "Good faith".              Section 2--103(1)(b).                "Instrument".              Section 9--102(a)(47).                "Merchant".                Section 2--104(1).                "Mortgage".                Section 9--102(a)(55).                "Pursuant to commitment".  Section 9--102(a)(69).                "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).  (4) In addition, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.