Definitions and index of definitions
KRS 355.2-103
in effect355.2-103. Definitions and index of definitions
(1) In this article unless the context otherwise requires:
(a) "Buyer" means a person who buys or contracts to buy goods;
(b) (Reserved)
(c) "Receipt" of goods means taking physical possession of them; and
(d) "Seller" means a person who sells or contracts to sell goods.
(2) Other definitions applying to this article or to specified parts thereof, and the sections in which they appear are:
(a) "Acceptance." KRS 355.2-606;
(b) "Banker's credit." KRS 355.2-325;
(c) "Between merchants." KRS 355.2-104;
(d) "Cancellation." KRS 355.2-106 (4);
(e) "Commercial unit." KRS 355.2-105;
(f) "Confirmed credit." KRS 355.2-325;
(g) "Conforming to contract." KRS 355.2-106;
(h) "Contract for sale." KRS 355.2-106;
(i) "Cover." KRS 355.2-712;
(j) "Entrusting." KRS 355.2-403;
(k) "Financing agency." KRS 355.2-104;
(l) "Future goods." KRS 355.2-105;
(m) "Goods." KRS 355.2-105;
(n) "Identification." KRS 355.2-501;
(o) "Installment contract." KRS 355.2-612;
(p) "Letter of credit." KRS 355.2-325;
(q) "Lot." KRS 355.2-105;
(r) "Merchant." KRS 355.2-104;
(s) "Overseas." KRS 355.2-323;
(t) "Person in position of seller." KRS 355.2-707;
(u) "Present sale." KRS 355.2-106;
(v) "Sale." KRS 355.2-106;
(w) "Sale on approval." KRS 355.2-326;
(x) "Sale or return." KRS 355.2-326; and
(y) "Termination." KRS 355.2-106.
(3) The following definitions in other articles apply to this article:
(a) "Check." KRS 355.3-104;
(b) "Consignee." KRS 355.7-102;
(c) "Consignor." KRS 355.7-102;
(d) "Consumer goods." KRS 355.9-102;
(e) "Control." KRS 355.7-106;
(f) "Dishonor." KRS 355.3-502; and
(g) "Draft." KRS 355.3-104.
(4) In addition, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this article.
Effective: July 12, 2012
History: Amended 2012 Ky. Acts ch. 132, sec. 45, effective July 12, 2012. -- Amended 2006 Ky. Acts ch. 242, sec. 25, effective July 12, 2006. -- Amended 2000 Ky. Acts ch. 408, sec. 158, effective July 1, 2001. -- Created 1958 Ky. Acts ch. 77, sec. 2-103, effective July 1, 1960. Legislative Research Commission Note (7/12/2006). Under the authority of KRS 7.136(1), the Reviser of Statutes has added paragraph headings [(a), (b), etc.] before terms referenced in subsections (2) and (3) of this statute that are defined in other statutes. The words in the text were not changed.
Source: Kentucky Legislative Research Commission (legislature.ky.gov)URL: https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=40646Fetched: 10/20/2026