buyer in ordinary course of business
- buyer in ordinary course of business
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buy·er in or·di·nary course of business: a bona fide purchaser who in a normal or regular business procedure buys goods from a seller in the business of selling goods of that kind
◇ Under the Uniform Commercial Code a buyer in ordinary course of business takes the purchased goods free of the property interests of a third party. The consideration exchanged for the goods is restricted to cash, other property, or credit. The purchase also cannot be a transfer in bulk or serve as security for or satisfaction of a debt. Pawnbrokers are specifically excluded from qualifying as buyers in ordinary course of business.
Merriam-Webster’s Dictionary of Law.
Merriam-Webster.
1996.
- buyer in ordinary course of business
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n.
An ordinary buyer; someone who buys something in good faith from someone in the business of selling that particular item and without any knowledge of a third party’s interest in the goods.
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc.
Amy Hackney Blackwell.
2008.
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