§12A-2A-103.

§12A-2A-103.
   
                    DEFINITIONS AND INDEX OF DEFINITIONS
                                      
   (1) In this article unless the context otherwise requires:
   
   (a) "Buyer in the ordinary course of business" means a person who in
   good faith and without knowledge that the sale to him is in violation
   of the ownership rights or security interest or leasehold interest of
   a third party in the goods, buys in the ordinary course from a person
   in the business of selling goods of that kind but does not include a
   pawnbroker. "Buying" may be for cash or by exchange of other property
   or on secured or unsecured credit and includes receiving goods or
   documents of title under a preexisting contract for sale but does not
   include a transfer in bulk or as security for or in total or partial
   satisfaction of a money debt.
   
   (b) "Cancellation" occurs when either party puts an end to the lease
   contract for default by the other party.
   
   (c) "Commercial unit" means such a unit of goods as by commercial
   usage is a single whole for purposes of lease and division of which
   materially impairs its character or value on the market or in use. A
   commercial unit may be a single article, as a machine, or a set of
   articles, as a suite of furniture or a line of machinery, or a
   quantity, as a gross or carload, or any other unit treated in use or
   in the relevant market as a single whole.
   
   (d) "Conforming" goods or performance under a lease contract means
   goods or performance that are in accordance with the obligations under
   the lease contract.
   
   (e) "Consumer lease" means a lease that a lessor regularly engaged in
   the business of leasing or selling makes to a lessee who is an
   individual and who takes under the lease primarily for a personal,
   family, or household purpose, if the total payments to be made under
   the lease contract, excluding payments for options to renew or buy, do
   not exceed Forty-five Thousand Dollars ($45,000.00).
   
   (f) "Fault" means wrongful act, omission, breach, or default.
   
   (g) "Finance lease" means a lease with respect to which:
   
   (i) the lessor does not select, manufacture or supply the goods;
   
   (ii) the lessor acquires the goods or the right to possession and use
   of the goods in connection with the lease; and
   
   (iii) one of the following occurs:
   
   (A) the lessee receives a copy of the contract by which the lessor
   acquired the goods or the right to possession and use of the goods
   before signing the lease contract;
   
   (B) the lessee's approval of the contract by which the lessor acquired
   the goods or the right to possession and use of the goods is a
   condition to effectiveness of the lease contract;
   
   (C) the lessee, before signing the lease contract, receives an
   accurate and complete statement designating the promises and
   warranties, and any disclaimers of warranties, limitations or
   modifications of remedies, or liquidated damages, including those of a
   third party, such as the manufacturer of the goods, provided to the
   lessor by the person supplying the goods in connection with or as part
   of the contract by which the lessor acquired the goods or the right to
   possession and use of the goods; or
   
   (D) if the lease is not a consumer lease, the lessor, before the
   lessee signs the lease contract, informs the lessee in writing (a) of
   the identity of the person supplying the goods to the lessor, unless
   the lessee has selected that person and directed the lessor to acquire
   the goods or the right to possession and use of the goods from that
   person, (b) that the lessee is entitled under this article to the
   promises and warranties, including those of any third party, provided
   to the lessor by the person supplying the goods in connection with or
   as part of the contract by which the lessor acquired the goods or the
   right to possession and use of the goods, and (c) that the lessee may
   communicate with the person supplying the goods to the lessor and
   receive an accurate and complete statement of those promises and
   warranties, including any disclaimers and limitations of them or of
   remedies.
   
   (h) "Goods" means all things that are movable at the time of
   identification to the lease contract, or are fixtures (Section 2A-309
   of this title), but the term does not include money, documents,
   instruments, accounts, chattel paper, general intangibles, or minerals
   or the like, including oil and gas, before extraction. The term also
   includes the unborn young of animals.
   
   (i) "Installment lease contract" means a lease contract that
   authorizes or requires the delivery of goods in separate lots to be
   separately accepted, even though the lease contract contains a clause
   "each delivery is a separate lease" or its equivalent.
   
   (j) "Lease" means a transfer of the right to possession and use of
   goods for a term in return for consideration, but a sale, including a
   sale on approval or a sale or return, or retention or creation of a
   security interest is not a lease. Unless the context clearly indicates
   otherwise, the term includes a sublease.
   
   (k) "Lease agreement" means the bargain, with respect to the lease, of
   the lessor and the lessee in fact as found in their language or by
   implication from other circumstances including course of dealing of
   usage of trade or course of performance as provided in this article.
   Unless the context clearly indicates otherwise, the term includes a
   sublease agreement.
   
   (l) "Lease contract" means the total legal obligation that results
   from the lease agreement as affected by this article and any other
   applicable rules of law. Unless the context clearly indicates
   otherwise, the term includes a sublease contract.
   
   (m) "Leasehold interest" means the interest of the lessor or the
   lessee under a lease contract.
   
   (n) "Lessee" means a person who acquires the right to possession and
   use of goods under a lease. Unless the context clearly indicates
   otherwise, the term includes a sublessee.
   
   (o) "Lessee in the ordinary course of business" means a person who in
   good faith and without knowledge that the lease to him is in violation
   of the ownership rights or security interest or leasehold interest of
   a third party in the goods leases in the ordinary course from a person
   in the business of selling or leasing goods of that kind but does not
   include a pawnbroker. "Leasing" may be for cash or by exchange of
   other property or on secured or unsecured credit and includes
   receiving goods or documents of title under a preexisting lease
   contract but does not include a transfer in bulk or as security for or
   in total or partial satisfaction of a money debt.
   
   (p) "Lessor" means a person who transfers the right to possession and
   use of goods under a lease. Unless the context clearly indicates
   otherwise, the term includes a sublessor.
   
   (q) "Lessor's residual interest" means the lessor's interest in the
   goods after expiration, termination, or cancellation of the lease
   contract.
   
   (r) "Lien" means a charge against or interest in goods to secure
   payment of a debt or performance of an obligation, but the term does
   not include a security interest.
   
   (s) "Lot" means a parcel or a single article that is the subject
   matter of a separate lease or delivery, whether or not it is
   sufficient to perform the lease contract.
   
   (t) "Merchant lessee" means a lessee that is a merchant with respect
   to goods of the kind subject to the lease.
   
   (u) "Present value" means the amount as of a date certain of one or
   more sums payable in the future, discounted to the date certain. The
   discount is determined by the interest rate specified by the parties
   if the rate was not manifestly unreasonable at the time the
   transaction was entered into; otherwise, the discount is determined by
   a commercially reasonable rate that takes into account the facts and
   circumstances of each case at the time the transaction was entered
   into.
   
   (v) "Purchase" includes taking by sale, lease, mortgage, security
   interest, pledge, gift, or any other voluntary transaction creating an
   interest in goods.
   
   (w) "Sublease" means a lease of goods the right to possession and use
   of which was acquired by the lessor as a lessee under an existing
   lease.
   
   (x) "Supplier" means a person from whom a lessor buys or leases goods
   to be leased under a finance lease.
   
   (y) "Supply contract" means a contract under which a lessor buys or
   leases goods to be leased.
   
   (z) "Termination" occurs when either party pursuant to a power created
   by agreement or law puts an end to the lease contract otherwise than
   for default.
   
   (2) Other definitions applying to this article and the sections in
   which they appear are:
   
   "Accessions". Subsection (1) of Section 2A-310 of this title.
   
   "Construction mortgage". Paragraph (d) of subsection (1) of Section
   2A-309 of this title.
   
   "Encumbrance". Paragraph (e) of subsection (1) of Section 2A-309 of
   this title.
   
   "Fixtures". Paragraph (a) of subsection (1) of Section 2A-309 of this
   title.
   
   "Fixture filing". Paragraph (b) of subsection (1) of Section 2A-309 of
   this title.
   
   "Purchase money lease". Paragraph (c) of subsection (1) of Section
   2A-309 of this title.
   
   (3) The following definitions in other articles apply to this article:
   
   "Account". Section 9-106 of this title.
   
   "Between merchants". Subsection (3) of Section 2-104 of this title.
   
   "Buyer". Paragraph (a) of subsection (1) of Section 2-103 of this
   title.
   
   "Chattel paper". Paragraph (b) of subsection (1) of Section 9-105 of
   this title.
   
   "Consumer goods". Subsection (1) of Section 9-109 of this title.
   
   "Document". Paragraph (f) of subsection (1) of Section 9-105 of this
   title.
   
   "Entrusting". Subsection (3) of Section 2-403 of this title.
   
   "General intangibles". Section 9-106 of this title.
   
   "Good faith". Paragraph (b) of subsection (1) of Section 2-103 of this
   title.
   
   "Instrument". Paragraph (i) of subsection (1) of Section 9-105 of this
   title.
   
   "Merchant". Subsection (1) of Section 2-104 of this title.
   
   "Mortgage". Paragraph (j) of subsection (1) of Section 9-105 of this
   title.
   
   "Pursuant to commitment". Paragraph (k) of subsection (1) of Section
   9-105 of this title.
   
   "Receipt". Paragraph (c) of subsection (1) of Section 2-103 of this
   title.
   
   "Sale". Subsection (1) of Section 2-106 of this title.
   
   "Sale on approval". Section 2-326 of this title.
   
   "Sale or return". Section 2-326 of this title.
   
   "Seller". Paragraph (d) of subsection (1) of Section 2-103 of this
   title.
   
   (4) In addition, Article 1 of the Uniform Commercial Code, this title,
   contains general definitions and principles of construction and
   interpretation applicable throughout this article.