buyer in ordinary course of business. A person who — in good faith and without knowledge that the sale violates a third party’s ownership rights or security interest in the goods — buys from a person regularly engaged in the business of selling goods of that kind. • Pawnbrokers are excluded from the definition. UCC § 1-201(b)(9). [Cases: Sales 234. C.J.S. Sales §§ 232–233, 235.]
qualified institutional buyer. Securities. An institution with more than $100 million in invested assets.