Illinois General Assembly - Illinois Compiled Statutes

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810 ILCS 5/2-104

(810 ILCS 5/2-104) (from Ch. 26, par. 2-104)

Sec. 2-104. Definitions. "merchant"; "between merchants"; "financing agency".

(1) "Merchant" means a person who deals in goods of the kind or
otherwise by his occupation holds himself out as having knowledge or skill
peculiar to the practices or goods involved in the transaction or to whom
such knowledge or skill may be attributed by his employment of an agent or
broker or other intermediary who by his occupation holds himself 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 2-707).

(3) "Between merchants" means in any transaction with respect to which
both parties are chargeable with the knowledge or skill of merchants.

(Source: P.A. 95-895, eff. 1-1-09.)