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 . Formerly: Acts 1963, c.317, s.2-103. As amended by P.L.152-1986, SEC.121; P.L.222-1993, SEC.3; P.L.57-2000, SEC.15; P.L.143-2007, SEC.7.
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