8.2-104 - Definitions: "Merchant"; "financing agency"; "between merchants.". - Virginia Statutes

§ 8.2-104. Definitions: "Merchant"; "financing agency"; "betweenmerchants.".

(1) "Merchant" means a person who deals in goods of the kind or otherwiseby his occupation holds himself out as having knowledge or skill peculiar tothe practices or goods involved in the transaction or to whom such knowledgeor skill may be attributed by his employment of an agent or broker or otherintermediary who by his occupation holds himself out as having such knowledgeor skill.

(2) "Financing agency" means a bank, finance company or other person who inthe ordinary course of business makes advances against goods or documents oftitle or who by arrangement with either the seller or the buyer intervenes inordinary course to make or collect payment due or claimed under the contractfor sale, as by purchasing or paying the seller's draft or making advancesagainst it or by merely taking it for collection whether or not documents oftitle accompany or are associated with the draft. "Financing agency"includes also a bank or other person who similarly intervenes between personswho are in the position of seller and buyer in respect to the goods (§8.2-707).

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

(1964, c. 219; 2004, c. 200.)