Maine Revised Statutes

§1305. Terminal rental adjustment clauses; vehicle leases that are not sales or security interests

(IF PEOPLE'S VETO PETITION IS CERTIFIED, WHOLE SECTION TEXT SUSPENDED UNTIL REFERENDUM ON 6/8/10; IF PEOPLE'S VETO PETITION IS NOT CERTIFIED, TEXT IS IN EFFECT)

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. [2009, c. 382, Pt. B, §2 (AMD); 2009, c. 382, Pt. B, §52 (AFF).]

SECTION HISTORY
1997, c. 352, §1 (NEW). 1997, c. 668, §1 (AMD). 2009, c. 382, Pt. B, §2 (AMD). 2009, c. 382, Pt. B, §52 (AFF).

Data for this page extracted on 10/28/2009 03:37:06.