70A-2-104 - Definitions -- "Merchant" -- "Between merchants" -- "Financing agency."
70A-2-104. Definitions -- "Merchant" -- "Between merchants" -- "Financingagency."
(1) "Merchant" means a person who deals in goods of the kind or otherwise by hisoccupation holds himself out as having knowledge or skill peculiar to the practices or goodsinvolved in the transaction or to whom such knowledge or skill may be attributed by hisemployment of an agent or broker or other intermediary who by his occupation holds himself outas having such knowledge or skill.
(2) "Financing agency" means a bank, finance company or other person who in theordinary course of business makes advances against goods or documents of title or who byarrangement with either the seller or the buyer intervenes in ordinary course to make or collectpayment due or claimed under the contract for sale, as by purchasing or paying the seller's draftor making advances against it or by merely taking it for collection whether or not documents oftitle accompany or are associated with the draft. "Financing agency" includes also a bank orother person who similarly intervenes between persons who are in the position of seller andbuyer in respect to the goods (Section 70A-2-707).
(3) "Between merchants" means in any transaction with respect to which both parties arechargeable with the knowledge or skill of merchants.
Amended by Chapter 42, 2006 General Session