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Minnesota Legislature

Office of the Revisor of Statutes

(1) "Merchant" means a person who deals in goods of the kind or otherwise by occupation
holds 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 employment of an agent or
broker or other intermediary who by occupation holds 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 336.2-707).
(3) "Between merchants" means in any transaction with respect to which both parties are
chargeable with the knowledge or skill of merchants.
History: 1965 c 811 s 336.2-104; 1986 c 444; 2004 c 162 art 5 s 2