Basic Uniform Commercial Code


"Inventory" means goods, other than farm products, which:

  1. are leased by a person as lessor;
  2. are held by a person for sale or lease or to be furnished under a contract of service;
  3. are furnished by a person under a contract of service; or
  4. consist of raw materials, work in process, or materials used or consumed in a business.
Copyright, The American Law Institute