32-3-38.2. Certain fleet leasing contracts do not create sale or security interest--Not applicable to personal leases.

Motor vehicle fleet leasing contracts containing a terminal rental adjustment provision do not create a sale or security interest solely because the agreement provides that the rental price may be adjusted by the amount realized upon sale or other disposition of the motor vehicle or trailer. This section does not apply to vehicles or trailers leased or used primarily for personal, family, or household purposes.

Source: SL 2003, ch 161, § 1.