CHAPTER 352
H.P. 646 - L.D. 899
An Act Regarding Terminal Rental Adjustment Clauses Vehicle Leasing
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 10 MRSA c. 209-A is enacted to read:
CHAPTER 209-A
VEHICLE LEASES THAT ARE NOT SALES OR SECURITY INTERESTS
§1305. Terminal rental adjustment clauses; vehicle leases that are not sales or security interests
Notwithstanding any other provision of law, in the case of motor vehicles or trailers, a transaction does not create a sale or security interest merely because the agreement provides that the rental price is permitted or required to be adjusted upward or downward by reference to the amount realized upon sale or other disposition of the motor vehicle or trailer.
Effective September 19, 1997, unless otherwise indicated.
| Revisor of Statutes Homepage | Subject Index | Search | Laws of Maine | Maine Legislature |
