61-3-110. Contract rental price adjustment -- not sale or security interest. In the case of a motor vehicle, trailer, semitrailer, pole trailer, camper, motorboat, personal watercraft, sailboat, or snowmobile, a transaction does not create a sale or security interest solely because it permits or requires that the rental price be adjusted either upward or downward under the agreement by reference to the amount realized upon the sale or other disposition of the motor vehicle, trailer, semitrailer, pole trailer, camper, motorboat, personal watercraft, sailboat, or snowmobile. To the extent that a conflict exists, this section supersedes any other provision of law.
History: En. Sec. 1, Ch. 279, L. 2003; amd. Sec. 46, Ch. 542, L. 2005.
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