California Commercial Code

§ 10103

COM § 10103 Effective Jan 1, 2024Div. 10 · Ch. 1

Statute text

(a)In this division, unless the context otherwise requires:

(1)“Buyer in ordinary course of business” means a person who, in good faith and without knowledge that the sale to it is in violation of the ownership rights or security interest or leasehold interest of a third party in the goods, buys in 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 acquiring 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.

(2)“Cancellation” occurs when either party puts an end to the lease contract for default by the other party.

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Legislative history

Amended by Stats. 2023, Ch. 210, Sec. 75. (SB 95) Effective January 1, 2024.