Texas Business & Commerce Code

§ 2A.103 — DEFINITIONS AND INDEX OF DEFINITIONS

BC § 2A.103Title 1. UNIFORM COMMERCIAL CODE · Ch. 2A. LEASES · Art. A. GENERAL PROVISIONS

Statute text

(a)In this chapter unless the context otherwise requires:

(1)"Buyer in the ordinary course of business" means a person who in good faith and without knowledge that the sale to him or her 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 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.

(3)"Commercial unit" means 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.

(4)"Conforming" goods or performance under a lease contract means performance or goods that are in accordance with the obligations under the lease contract.

(5)"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 $25,000.

…

Legislative history

Acts 2005, 79th Leg., Ch. 122 (S.B. 1593), Sec. 13, eff. September 1, 2005.