Lessee in ordinary course of business definition

Lessee in ordinary course of business means a person who in good faith and without knowledge that the lease to him or her is in violation of the ownership rights or security interest or leasehold interest of a third party in the goods leases in ordinary course from a person in the business of selling or leasing goods of that kind but does not include a pawnbroker. "Leasing" may be for cash or by exchange of other property or on secured or unsecured credit and includes acquiring goods or documents of title under a pre-existing lease contract but does not include a transfer in bulk or as security for or in total or partial satisfaction of a money debt.

Lessee in ordinary course of business means a person

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.

Examples of Lessee in ordinary course of business in a sentence

• Lessee in ordinary course of business" means a person who in good faith and without knowledge that the lease to the person is in violation of the ownership rights or security interest or leasehold interest of a third party in the goods leases in ordinary course from a person in the business of selling or leasing goods of that kind.

• If the Village finds that any materials used do not meet such standards, it may require that the substandard materials be removed and replaced with materials that meet existing standards.

• Lessee in ordinary course of business" means a person who in good faith and without knowledge that the lease to him or her is in violation of the ownership rights or security interest or leasehold interest of a third party in the goods leases in ordinary course from a person in the business of selling or leasing goods of that kind but does not include a pawnbroker.

• Unless the context clearly indicates otherwise, the term includes a sublessee.o.p. "Lessee in ordinary course of business" means a person who, in good faith and without knowledge that the lease is in violation of the ownership rights or security interest or leasehold interest of a third party in the goods, leases in ordinary course from a person in the business of selling or leasing goods of that kind, but does not include a pawnbroker.

• Warehouse" means a person engaged in the business of storing goods for hire.(b) Definitions in other articles applying to this Article and the sections in which they appear are:(1) "Contract for sale", RCW 62A.2-106;(2) "Lessee in ordinary course of business," RCW 62A.2A-103; and(3) "Receipt" of goods, RCW 62A.2-103.(c) In addition, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.

More Definitions of Lessee in ordinary course of business

Lessee in ordinary course of business means a person who, in good faith and without knowledge that the lease is in violation of the ownership rights or security interest or leasehold interest of a third party in the goods, leases in ordinary course from a person in the business of selling or leasing goods of that kind, but does not include a pawnbroker. "Leasing" may be for cash or by exchange of other property or

Lessee in ordinary course of business means a person who, in good faith and without knowledge that the lease to him is in violation of the ownership rights

Lessee in ordinary course of business means a person who in good faith and without knowledge that the lease to him or her is in violation of the ownership rights or security

Lessee in ordinary course of business means a person who in good faith and without knowledge that the lease to him or her is in violation of the ownership rights or security interest or leasehold interest of a third party in the goods leases in ordinary course from a person in the business of selling or leasing goods of that kind

Lessee in ordinary course of business means a person who in good faith and without knowledge that the lease to him (or her) or her is in violation

Lessee in ordinary course of business means a person that becomes a

Lessee in ordinary course of business means a person that leases goods