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This entry was published on 2014-09-22
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Vehicle leases that are not sales or security interests
Vehicle & Traffic (VAT) CHAPTER 71, TITLE 3, ARTICLE 12
§ 397-b. Vehicle leases that are not sales or security interests.
Notwithstanding any other provision of law, in the case of motor
vehicles or trailers which are not vehicles or trailers leased or used
primarily for personal, family, or household purposes, a transaction
does not create a conditional sale or security interest merely because
it provides that the rental price is permitted or required to be
adjusted under the agreement either upward or downward by reference to
the amount realized upon sale or other disposition of the motor vehicle
or trailer.