Basic Uniform Commercial Code

Consignment


  • "Consignment" means a transaction, regardless of its form, in which a person delivers goods to a merchant for the purpose of sale and:
    • the merchant:
      • deals in goods of that kind under a name other than the name of the person making delivery;
      • is not an auctioneer; and
      • is not generally known by its creditors to be substantially engaged in selling the goods of others;
    • with respect to each delivery, the aggregate value of the goods is $1,000 or more at the time of delivery;
    • the goods are not consumer goods immediately before delivery; and
    • the transaction does not create a security interest that secures an obligation.