As used in this subchapter, unless the context requires otherwise:(1) 'Lease' means the grant of use and possession of a motor vehicle for consideration, whether or not the grant includes an option to buy the vehicle;(2) 'Motor vehicle' means a device in, on, or by which a person or property is or may be transported or drawn on a highway, except a device used exclusively on stationary rails or tracks;(3) 'Security interest' means an interest in personal property or fixtures that secures payment or performance of an obligation;(4) 'Third party' means a person other than the actor or the owner of the vehicle; and(5) 'Transfer' means to transfer possession, whether or not another right is also transferred, by means of a sale, lease, sublease, lease assignment, or other property transfer.Acts 1993, No. 1042, § 1.
Arkansas Legal Code