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Ind. Code § 26-1-2-103

Definitions and index of definitions

Known as the Uniform Commercial Code

The act spans §§ 26-1-1-0.2 to 26-1-9.1-902 (630 sections).

Applied in 3 court decisions — leading case Stoehr v. Yost (2002)

Most recently applied in Robert Geller and Judy Geller v. Kurt P. Kinney, Holly Kinney, and A.M. Rentals, Inc. (December 2012)

Formerly: Acts 1963, c.317, s.2-103

How often courts cite this section

199320002010201210
citing decisions per year

Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.

Sec. 103. (1) In IC 26-1-2, unless the context otherwise requires:

(a) "Buyer" means a person who buys or contracts to buy goods.

(b) "Good faith" in the case of a merchant means honesty in fact and observance of reasonable commercial standards of fair dealing in the trade.

(c) "Receipt" of goods means taking physical possession of them.

(d) "Seller" means a person who sells or contracts to sell goods.

(2) Other definitions applying to IC 26-1-2, or to specified parts thereof, and the sections in which they appear are:

"Acceptance". IC 26-1-2-606.

"Banker's credit". IC 26-1-2-325.

"Between merchants". IC 26-1-2-104.

"Cancellation". IC 26-1-2-106(4).

"Commercial unit". IC 26-1-2-105.

"Confirmed credit". IC 26-1-2-325.

"Conforming to contract". IC 26-1-2-106.

"Contract for sale". IC 26-1-2-106.

"Cover". IC 26-1-2-712.

"Entrusting". IC 26-1-2-403.

"Financing agency". IC 26-1-2-104.

"Future goods". IC 26-1-2-105.

"Goods". IC 26-1-2-105.

"Identification". IC 26-1-2-501.

"Instalment contract". IC 26-1-2-612.

"Letter of credit". IC 26-1-2-325.

"Lot". IC 26-1-2-105.

"Merchant". IC 26-1-2-104.

"Overseas". IC 26-1-2-323.

"Person in the position of seller". IC 26-1-2-707.

"Present sale". IC 26-1-2-106.

"Sale". IC 26-1-2-106.

"Sale on approval". IC 26-1-2-326.

"Sale or return". IC 26-1-2-326.

"Termination". IC 26-1-2-106.

(3) "Control" as provided in IC 26-1-7-106 and the following definitions apply to IC 26-1-2:

"Check". IC 26-1-3.1-104.

"Consignee". IC 26-1-7-102.

"Consignor". IC 26-1-7-102.

"Consumer goods". IC 26-1-9.1-102.

"Dishonor". IC 26-1-3.1-502.

"Draft". IC 26-1-3.1-104.

(4) In addition, IC 26-1-1 contains general definitions and principles of construction and interpretation applicable throughout IC 26-1-2.

Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.