Section 1--201. General Definitions.\n (a) Unless the context otherwise requires, words or phrases defined in\nthis section, or in the additional definitions contained in other\narticles of this act that apply to particular articles or parts thereof,\nhave the meanings stated.\n (b) Subject to definitions contained in other articles of this Act\nthat apply to particular articles or parts thereof:\n (1) "Action", in the sense of a judicial proceeding, includes\nrecoupment, counterclaim, set-off, suit in equity, and any other\nproceeding in which rights are determined.\n (2) "Aggrieved party" means a party entitled to pursue a remedy.\n (3) "Agreement", as distinguished from "contract", means the bargain\nof the parties in fact, as found in their language or inferred from\nother circumstances, including course of performance, course of dealing,\nor usage of trade as provided in Section 1--303.\n (4) "Bank" means a person engaged in the business of banking and\nincludes a savings bank, savings and loan association, credit union, and\ntrust company.\n (5) "Bearer" means a person in control of a negotiable electronic\ndocument of title or a person in possession of a negotiable instrument,\nnegotiable tangible document of title, or certificated security that is\npayable to bearer or indorsed in blank.\n (6) "Bill of lading" means a document of title evidencing the receipt\nof goods for shipment issued by a person engaged in the business of\ndirectly or indirectly transporting or forwarding goods. The term does\nnot include a warehouse receipt.\n (7) "Branch" includes a separately incorporated foreign branch of a\nbank.\n (8) "Burden of establishing" a fact means the burden of persuading the\ntrier of fact that the existence of the fact is more probable than its\nnonexistence.\n (9) "Buyer in ordinary course of business" means a person that buys\ngoods in good faith, without knowledge that the sale violates the rights\nof another person in the goods, and in the ordinary course from a\nperson, other than a pawnbroker, in the business of selling goods of\nthat kind. A person buys goods in the ordinary course if the sale to the\nperson comports with the usual or customary practices in the kind of\nbusiness in which the seller is engaged or with the seller's own usual\nor customary practices. A person that sells oil, gas, or other minerals\nat the wellhead or minehead is a person in the business of selling goods\nof that kind. A buyer in ordinary course of business may buy for cash,\nby exchange of other property, or on secured or unsecured credit, and\nmay acquire goods or documents of title under a preexisting contract for\nsale. Only a buyer that takes possession of the goods or has a right to\nrecover the goods from the seller under article 2 may be a buyer in\nordinary course of business. "Buyer in ordinary course of business" does\nnot include a person that acquires goods in a transfer in bulk or as\nsecurity for or in total or partial satisfaction of a money debt.\n * (10) "Conspicuous", with reference to a term, means so written,\ndisplayed, or presented that a reasonable person against which it is to\noperate ought to have noticed it. Whether a term is "conspicuous" or not\nis a decision for the court.\n * NB Effective until June 3, 2026\n * (10) "Conspicuous", with reference to a term, means so written,\ndisplayed, or presented that, based on the totality of the\ncircumstances, a reasonable person against which it is to operate ought\nto have noticed it. Whether a term is "conspicuous" or not is a decision\nfor the court.\n * NB Effective June 3, 2026\n (11) "Consumer" means an individual who enters into a transaction\nprimarily for personal, family, or household purposes.\n (12) "Contract", as distinguished from "agreement", means the total\nlegal obligation that results from the parties' agreement as determined\nby this act as supplemented by any other applicable laws.\n (13) "Creditor" includes a general cr
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.