Section 63-21-42 - Creation of security interest by transaction involving motor vehicle or trailers which provides for adjustment of rental price

In the case of motor vehicles, trailers, manufactured homes or mobile homes, notwithstanding any other provision of law, a transaction does not create a 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, trailer, manufactured home or mobile home.Laws, 1994, ch. 445, § 5; Laws, 1999, ch. 556, § 21, eff. 7/1/1999.