355.2-104 Definitions: "merchant" -- "Between merchants" -- "Financing agency."
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"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.
"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 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
(KRS 355.2-707).
"Between merchants" means in any transaction with respect to which both parties
are chargeable with the knowledge or skill of merchants.
Effective: July 1, 1960
History: Created 1958 Ky. Acts ch. 77, sec. 2-104, effective July 1, 1960.
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