§ 554.2104 — Definitions:“merchant” — “between merchants” — “financing agency”

Iowa § 554.2104

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 554: UNIFORM COMMERCIAL CODE

Text

1. “Merchant” means a person who deals in goods of the kind or otherwise by the person’s
occupation holds that person out as having knowledge or skill peculiar to the practices or
goodsinvolvedinthetransactionortowhomsuchknowledgeorskillmaybeattributedbythe
person’s employment of an agent or broker or other intermediary who by the intermediary’s
occupation holds the intermediary 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 or are associated with 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 (section 554.2707).
3. “Between merchants” means in any transaction with respect to which both parties are
chargeable with the knowledge or skill of merchants.

Legislative History

[S13, §3138-b34, -b36; C24, 27, 31, 35, 39, §8279, 8281; C46, 50, 54, 58, 62, §487.35, 487.37; C66, 71, 73, 75, 77, 79, 81, §554.2104]