(1) In this article unless the context otherwise requires:
(a) “Buyer” means a person who buys or contracts to buy goods; (b) (Reserved)
(c) “Receipt” of goods means taking physical possession of them; and
(d) “Seller” means a person who sells or contracts to sell goods.
(2) Other definitions applying to this article or to specified parts thereof, and the sections in which they appear are:
(a) “Acceptance.” KRS § 355.2-606;
(b) “Banker’s credit.” KRS § 355.2-325;
(c) “Between merchants.” KRS § 355.2-104; (d) “Cancellation.” KRS § 355.2-106 (4);
(e) “Commercial unit.” KRS § 355.2-105; (f) “Confirmed credit.” KRS § 355.2-325;
(g) “Conforming to contract.” KRS § 355.2-106; (h) “Contract for sale.” KRS § 355.2-106;
(i) “Cover.” KRS § 355.2-712;
(j) “Entrusting.” KRS § 355.2-403;
(k) “Financing agency.” KRS § 355.2-104; (l) “Future goods.” KRS § 355.2-105;
(m) “Goods.” KRS § 355.2-105;
(n) “Identification.” KRS § 355.2-501;
(o) “Installment contract.” KRS § 355.2-612; (p) “Letter of credit.” KRS § 355.2-325;
(q) “Lot.” KRS § 355.2-105;
(r) “Merchant.” KRS § 355.2-104; (s) “Overseas.” KRS § 355.2-323;
(t) “Person in position of seller.” KRS § 355.2-707; (u) “Present sale.” KRS § 355.2-106;
(v) “Sale.” KRS § 355.2-106;
(w) “Sale on approval.” KRS § 355.2-326; (x) “Sale or return.” KRS § 355.2-326; and (y) “Termination.” KRS § 355.2-106.
(3) The following definitions in other articles apply to this article: (a) “Check.” KRS § 355.3-104;
(b) “Consignee.” KRS § 355.7-102; (c) “Consignor.” KRS § 355.7-102;
(d) “Consumer goods.” KRS § 355.9-102; (e) “Control.” KRS § 355.7-106;
(f) “Dishonor.” KRS § 355.3-502; and
(g) “Draft.” KRS § 355.3-104.
(4) In addition, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this article.
Effective: July 12, 2012
History: Amended 2012 Ky. Acts ch. 132, sec. 45, effective July 12, 2012. — Amended
2006 Ky. Acts ch. 242, sec. 25, effective July 12, 2006. — Amended 2000 Ky. Acts ch. 408, sec. 158, effective July 1, 2001. — Created 1958 Ky. Acts ch. 77, sec. 2-103, effective July 1, 1960.
Legislative Research Commission Note (7/12/2006). Under the authority of KRS
7.136(1), the Reviser of Statutes has added paragraph headings [(a), (b), etc.] before terms referenced in subsections (2) and (3) of this statute that are defined in other statutes. The words in the text were not changed.