70A-2-104. Definitions -- "Merchant" -- "Between merchants" -- "Financing
agency."
(1) "Merchant" means a person who deals in goods of the kind or otherwise by his
occupation holds himself out as having knowledge or skill peculiar to the practices or goods
involved in the transaction or to whom such knowledge or skill may be attributed by his
employment of an agent or broker or other intermediary who by his occupation holds himself out
as having such knowledge or skill.
(2) "Financing agency" means a bank, finance company or other person who in the
ordinary course of business makes advances against goods or documents of title or who by
arrangement with either the seller or the buyer intervenes in ordinary course to make or collect
payment due or claimed under the contract for sale, as by purchasing or paying the seller's draft
or making advances against it or by merely taking it for collection whether or not documents of
title accompany or are associated with the draft. "Financing agency" includes also a bank or
other person who similarly intervenes between persons who are in the position of seller and
buyer in respect to the goods (Section 70A-2-707).
(3) "Between merchants" means in any transaction with respect to which both parties are
chargeable with the knowledge or skill of merchants.
Amended by Chapter 42, 2006 General Session
Download Code Section Zipped WordPerfect 70A02_010400.ZIP 10,545 Bytes
Sections in this Chapter|Chapters in this Title|All Titles|Legislative Home Page
Last revised: Thursday, May 28, 2009