(1) In this article, unless the context otherwise requires:

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(a)     “buyer” means a person who buys or contracts to buy goods; (b)     [reserved];

(c)     “receipt” of goods means taking physical possession of them; and

(d)     “seller” means a person who sells or contracts to sell goods.

(2) Other definitions applying to this article, or to specified parts thereof, and the sections in which they appear are:

“acceptance”                                         Section 55-2-606 N.M. Stat. Ann.; “banker’s credit”                                     Section 55-2-325 N.M. Stat. Ann.; “between merchants”                             Section 55-2-104 N.M. Stat. Ann.; “cancellation”                                         Section 55-2-106 N.M. Stat. Ann.; “commercial unit”                                 Section 55-2-105 N.M. Stat. Ann.; “confirmed credit”                                 Section 55-2-325 N.M. Stat. Ann.; “conforming to contract”                         Section 55-2-106 N.M. Stat. Ann.; “contract for sale”                                 Section 55-2-106 N.M. Stat. Ann.; “cover”                                                 Section 55-2-712 N.M. Stat. Ann.; “entrusting”                                            Section 55-2-403 N.M. Stat. Ann.; “financing agency”                                 Section 55-2-104 N.M. Stat. Ann.; “future goods”                                        Section 55-2-105 N.M. Stat. Ann.; “goods”                                                 Section 55-2-105 N.M. Stat. Ann.; “identification”                                        Section 55-2-501 N.M. Stat. Ann.; “installment contract”                             Section 55-2-612 N.M. Stat. Ann.; “letter of credit”                                     Section 55-2-325 N.M. Stat. Ann.;

“lot”                                                        Section 55-2-105 N.M. Stat. Ann.; “merchant”                                             Section 55-2-104 N.M. Stat. Ann.; “overseas”                                             Section 55-2-323 N.M. Stat. Ann.; “person in the position of a seller”         Section 55-2-707 N.M. Stat. Ann.;

“present sale”                                         Section 55-2-106 N.M. Stat. Ann.; “sale”                                                     Section 55-2-106 N.M. Stat. Ann.; “sale on approval”                                 Section 55-2-326 N.M. Stat. Ann.; “sale or return”                                     Section 55-2-326 N.M. Stat. Ann.; and “termination”                                         Section 55-2-106 N.M. Stat. Ann..

(3) “Control”, as provided in Section 55-7-106 N.M. Stat. Ann., and the following definitions in other articles apply to this article:

“check”.                                                 Section 55-3-104 N.M. Stat. Ann.; “consignee”.                                         Section 55-7-102 N.M. Stat. Ann.; “consignor”.                                         Section 55-7-102 N.M. Stat. Ann.; “consumer goods”.                                Section 55-9-102 N.M. Stat. Ann.; “dishonor”.                                             Section 55-3-502 N.M. Stat. Ann.; and “draft”.                                                    Section 55-3-104 N.M. Stat. Ann..

(4) In addition, N.M. Stat. Ann. Chapter 55, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this article.