Okla. Stat. tit. 12A § 2-105

Current through Laws 2024, c. 453.

Section 2-105 - Definitions: Transferability; "Goods"; "Future" goods; "Lot"; "Commercial unit"

(1) "Goods" means all things (including specially manufactured goods) which are movable at the time of identification to the contract for sale other than the money in which the price is to be paid, investment securities (Article 8) and things in action. "Goods" also includes the unborn young of animals and growing crops and other identified things attached to realty as described in the section on goods to be severed from realty (Section 2-107) but does not include information.

(2) Goods must be both existing and identified before any interest in them can pass. Goods which are not both existing and identified are "future" goods. A purported present sale of future goods or of any interest therein operates as a contract to sell.

(3) There may be a sale of a part interest in existing identified goods.

(4) An undivided share in an identified bulk of fungible goods is sufficiently identified to be sold although the quantity of the bulk is not determined. Any agreed proportion of such a bulk or any quantity thereof agreed upon by number, weight or other measure may to the extent of the seller's interest in the bulk be sold to the buyer who then becomes an owner in common.

(5) "Lot" means a parcel or a single article which is the subject matter of a separate sale or delivery, whether or not it is sufficient to perform the contract.

(6) "Commercial unit" means such a unit of goods as by commercial usage is a single whole for purposes of sale and division of which materially impairs its character or value on the market or in use. A commercial unit may be a single article (as a machine) or a set of articles (as a suite of furniture or an assortment of sizes) or a quantity (as a bale, gross, or carload) or any other unit treated in use or in the relevant market as a single whole.

Okla. Stat. tit. 12A, § 2-105

Laws 1961, p. 75, § 2-105; Amended by Laws 2005 , HB 2028, c. 139, § 25, eff. 1/1/2006.

Oklahoma Code Comment

Prior Statutory Provisions:

2 O.S. § 9-117.

Text and derivation of prior provisions, see Appendix at end of this title.

Comment:

(1) Oklahoma has previously had a limited definition of goods as "chattels or merchandise in storage" in the Warehouse Receipts Act, 2 O.S. § 9- 117, now repealed, but there has been no previous broad definition.

Since things in action are excluded from the term "goods,'' this Article does not govern generally assignment of contracts, sale or assignment of accounts receivable. These are governed by Article 9.

(2, 3) Oklahoma has had no previous statutes or decisions.

(4) There are no Oklahoma decisions. Note that an interest in common is obtained in fungible goods even though the contract is worded in terms of a specific quantity, as, for example, 5,000 bushels.

(5) Oklahoma has had no previous statutory definition. This definition is consistent with commercial practices. See M. W. Kellogg Co. v. Standard Steel Fabricating Co., C.A., 189 F.2d 629, 26 A.L.R.2d 1090.

(6) Oklahoma has had no previous definition.