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Indiana Code Title 26. Commercial Law § 26-1-2-103

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 103. (1) In IC 26-1-2, unless the context otherwise requires:

(a) “Buyer” means a person who buys or contracts to buy goods.

(b) “Good faith” in the case of a merchant means honesty in fact and observance of reasonable commercial standards of fair dealing in the trade.

(c) “Receipt” of goods means taking physical possession of them.

(d) “Seller” means a person who sells or contracts to sell goods.

(2) Other definitions applying to IC 26-1-2, or to specified parts thereof, and the sections in which they appear are:

“Acceptance”.  IC 26-1-2-606.

“Banker's credit”.  IC 26-1-2-325.

“Between merchants”.  IC 26-1-2-104.

“Cancellation”.  IC 26-1-2-106(4).

“Commercial unit”.  IC 26-1-2-105.

“Confirmed credit”.  IC 26-1-2-325.

“Conforming to contract”.  IC 26-1-2-106.

“Contract for sale”.  IC 26-1-2-106.

“Cover”. IC 26-1-2-712.

“Entrusting”.  IC 26-1-2-403.

“Financing agency”.  IC 26-1-2-104.

“Future goods”.  IC 26-1-2-105.

“Goods”.  IC 26-1-2-105.

“Identification”.  IC 26-1-2-501.

“Instalment contract”.  IC 26-1-2-612.

“Letter of credit”.  IC 26-1-2-325.

“Lot”.  IC 26-1-2-105.

“Merchant”.  IC 26-1-2-104.

“Overseas”.  IC 26-1-2-323.

“Person in the position of seller”.  IC 26-1-2-707.

“Present sale”.  IC 26-1-2-106.

“Sale”.  IC 26-1-2-106.

“Sale on approval”.  IC 26-1-2-326.

“Sale or return”.  IC 26-1-2-326.

“Termination”.  IC 26-1-2-106.

(3) “Control” as provided in IC 26-1-7-106 and the following definitions apply to IC 26-1-2:

“Check”.  IC 26-1-3.1-104.

“Consignee”.  IC 26-1-7-102.

“Consignor”.  IC 26-1-7-102.

“Consumer goods”.  IC 26-1-9.1-102.

“Dishonor”.  IC 26-1-3.1-502.

“Draft”.  IC 26-1-3.1-104.

(4) In addition, IC 26-1-1 contains general definitions and principles of construction and interpretation applicable throughout IC 26-1-2.

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Cite this article: FindLaw.com - Indiana Code Title 26. Commercial Law § 26-1-2-103 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-26-commercial-law/in-code-sect-26-1-2-103/

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