N.Y. Personal Property Law 506 – Exempted transactions
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§ 506. Exempted transactions. This article does not apply to:
Terms Used In N.Y. Personal Property Law 506
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
1. Agreements for the rental of merchandise in which the person who rents the merchandise has no legal right to become the owner of the property at the end of the rental period;
2. A lease of a safe deposit box; and
3. Retail installment sales agreements, contracts, or obligations.