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2018 Kentucky Revised Statutes
CHAPTER 371 - FORMALITY AND ASSIGNABILITY OF CONTRACTS -- INSTALLMENT SALES CONTRACTS
.370 Definitions for KRS 371.375 to 371.385.

Universal Citation: KY Rev Stat § 371.370 (2018)
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371.370 Definitions for KRS 371.375 to 371.385. As used in KRS 371.375 to 371.385, unless the context otherwise requires: (1) "Commissions" means compensation accruing to a sales representative for payment by a principal, the rate of which is expressed as a percentage of the amount of orders or sales or as a specified amount per order or per sale. (2) "Person" means an individual, corporation, partnership, association, estate, or trust. (3) "Principal" means a person who does not have a permanent or fixed place of business in this state and who: (a) Manufactures, produces, imports, or distributes a tangible product for wholesale; (b) Contracts with a sales representative to solicit orders for the product; and (c) Compensates the sales representative, in whole or in part, by commission. (4) "Sales representative" means a person who: (a) Contracts with a principal to solicit wholesale orders; (b) Is compensated, in whole or in part, by commission; (c) Does not place orders or purchase for his own account or for resale; and (d) Does not sell or take orders for the sale of products to the ultimate consumer. Effective: July 15, 1988 History: Created 1988 Ky. Acts ch. 167, sec. 1, effective July 15, 1988.
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