§ 26-1-2-105 — Transferability; "goods"; "future" goods; "lot"; "commercial unit"

Indiana § 26-1-2-105

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 2: Sales

Text

(1) "Goods" means all things (including
specially manufactured goods) which are movable at the time of
identification to the contract for sale, other than the money in which the
price is to be paid, investment securities (IC 26-1-8.1), and things in
action. "Goods" also includes the unborn young of animals and growing
crops and other identified things attached to realty as described in the
section on goods to be severed from realty (IC 26-1-2-107).
(2) Goods must be both existing and identified before any interest
in them can pass. Goods which are not both existing and identified are
"future" goods. A purported present sale of future goods or of any
interest therein operates as a contract to sell.
(3) There may be a sale of a part interest in existing identified
goods.
(4) An undivided share in an identified bulk of fungible goods is
sufficiently identified to be sold although the quantity of the bulk is not
determined. Any agreed proportion of such a bulk or any quantity
thereof agreed upon by number, weight, or other measure may, to the
extent of the seller's interest in the bulk, be sold to the buyer who then
becomes an owner in common.
(5) "Lot" means a parcel or a single article which is the subject
matter of a separate sale or delivery, whether or not it is sufficient to
perform the contract.
(6) "Commercial unit" means such a unit of goods as by commercial
usage is a single whole for purposes of sale 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 an assortment of sizes) or a quantity
(as a bale, gross, or carload) or any other unit treated in use or in the
relevant market as a single whole.
Formerly: Acts 1963, c.317, s.2-105. As amended by
P.L.152-1986, SEC.123; P.L.247-1995, SEC.3.