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Montana Title 30. Trade and Commerce § 30-2-103. Definitions and index of definitions

Current as of April 27, 2021 | Updated by FindLaw Staff

(1) In this chapter, unless the context otherwise requires, the following definitions apply:

(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 the 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 this chapter or to specified parts thereof and the sections in which they appear are:

“Acceptance”. 30-2-606.

“Banker's credit”. 30-2-325.

“Between merchants”. 30-2-104.

“Cancellation”. 30-2-106(4).

“Commercial unit”. 30-2-105.

“Confirmed credit”. 30-2-325.

“Conforming to contract”. 30-2-106.

“Contract for sale”. 30-2-106.

“Cover”. 30-2-712.

“Entrusting”. 30-2-403.

“Financing agency”. 30-2-104.

“Future goods”. 30-2-105.

“Goods”. 30-2-105.

“Identification”. 30-2-501.

“Installment contract”. 30-2-612.

“Letter of credit”. 30-2-325.

“Lot”. 30-2-105.

“Merchant”. 30-2-104.

“Overseas”. 30-2-323.

“Person in position of seller”. 30-2-707.

“Present sale”. 30-2-106.

“Sale”. 30-2-106.

“Sale on approval”. 30-2-326.

“Sale or return”. 30-2-326.

“Termination”. 30-2-106.

(3) The following definitions in other chapters apply to this chapter:

“Check”. 30-3-104.

“Consignee”. 30-7-102.

“Consignor”. 30-7-102.

“Consumer goods”. 30-9A-102.

“Dishonor”. 30-3-512.

“Draft”. 30-3-104.

(4) In addition, chapter 1 contains general definitions and principles of construction and interpretation applicable throughout this chapter.

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Cite this article: FindLaw.com - Montana Title 30. Trade and Commerce § 30-2-103. Definitions and index of definitions - last updated April 27, 2021 | https://codes.findlaw.com/mt/title-30-trade-and-commerce/mt-code-ann-sect-30-2-103.html

Read this complete Montana Title 30. Trade and Commerce § 30-2-103. Definitions and index of definitions on Westlaw

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