12A:2-104 - Definitions: "merchant" ; "between merchants" ; "financing agency" - New Jersey Statutes

12A:2-104.  Definitions:   "merchant" ;   "between merchants" ; "financing agency"
    (1)  "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.

    (2)  "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 (12A:2-707).

    (3)  "Between merchants"  means in any transaction with respect to which both parties are chargeable with the knowledge or skill of merchants.

     L.1961, c. 120, s. 2-104.