Rhode Island General Laws 31-3.1-27. Vehicle leases that are not sales or security interests
In the case of motor vehicles or trailers, 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 or trailer.
History of Section.
P.L. 1991, ch. 305, § 8.
Terms Used In Rhode Island General Laws 31-3.1-27
- Motor vehicle: means any vehicle driven or drawn by mechanical power for use on the public streets, roads, and highways;
(2) "Odometer" means an instrument for measuring and recording the actual distance a motor vehicle travels while in operation;
(3) "Person" means any individual, sole proprietorship, partnership, corporation, or business trust including, but not limited to, private individuals and motor vehicle dealers, both wholesale and retail, whether the private individual or dealer is a dealer in the ordinary course of business or not;
(4) "Repair and replacement" means to restore to a sound working condition by replacing the instrument or any part thereof or by correcting what is inoperative;
(5) "Transfer" means to acquire ownership by purchase, gift, bequest, or any other means. See Rhode Island General Laws 31-23.2-2