§ 36-8-102. (c) In this chapter: (1) "Lease" means a transfer of the right to possession and use of goods for a period in return for.
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§ 36-8-102.
(c)In this chapter:
(1)"Lease" means a transfer of the right to possession and use of goods for a period in return for consideration. The term includes a sublease unless the context clearly indicates otherwise. The term does include a sale, including a sale on approval or a sale or return, or retention or creation of a security interest.
(2)"Lease agreement" means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance. Unless the context clearly indicates otherwise, the term includes a sublease agreement.
(3)"Lease contract" means the total legal obligation that results from the lease agreement and applicable rules of law. Unless the context clearly indicates otherwise, the term includes a sublease contract.
(4)"Lessor interest" means the interest of the lessor or the lessee under a lease contract.
(5)"Lessee" means a person who acquires the right to possession and use of goods under a lease. Unless the context clearly indicates otherwise, the term includes a sublessee.
(6)"Lessee in ordinary course of business" means a person that leases goods in good faith, without knowledge that the lease violates the rights of another person, and in the ordinary course from a person, other than a pawn broker, in the business of selling or leasing goods of that kind. A person leases in ordinary course if the lease to the person comports with the usual or customary practices in the kind of business in which the lessor is engaged or with the lessor's own usual or customary practices. A lessee in the ordinary course of business may lease for cash, by exchange of other property, or on security or unsecured credit, and may acquire goods or documents of title under a preexisting contract. Only a lessee that takes possession of the goods or has a right to recover the goods from the lessor may be a lessee in the ordinary course of business. A person that acquires goods in a transfer in bulk or has security for or in total or partial satisfaction of a money debt is not a lessee in the ordinary course of business.
(7)"Lessor" means the person who transfers the right to possession and use of goods under a lease. Unless the context clearly indicates otherwise, the term includes sublessor.
(8)"Lessor's residual interest" means the lessor's interest in the goods after expiration, termination, or cancellation of the lease contract.
(9)"Applicant" means a person at whose request or for whose account a letter of credit is issued. The term includes a person who requests an issuer to issue a letter of credit on behalf of another if the person making the request undertakes an obligation to reimburse the issuer.
(10)"Nominated person" means a person whom the issuer
(i)designates or authorizes to pay, accept, negotiate, or otherwise give value under a letter of credit and
(ii)undertakes by agreement or custom and practice to reimburse.
(11)"Proceeds of a letter of credit" means the cash, check accepted draft, or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. The term does not include a beneficiary's drawing rights or documents presented by the beneficiary.
(12)"Prove" with respect to a fact means to meet the burden of establishing the fact (Section 36-1-201(8)).
(d)Chapter 1 contains general definitions and principles of construction and interpretation applicable throughout this chapter.