Vermont Statutes Title 23 Sec. 2048
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Terms Used In Vermont Statutes Title 23 Sec. 2048
- Motor vehicle: includes all vehicles propelled or drawn by power other than muscular power, except farm tractors, vehicles running only upon stationary rails or tracks, motorized highway building equipment, road making appliances, snowmobiles, tracked vehicles, motor-assisted bicycles, electric bicycles, or electric personal assistive mobility devices. See
- Security interest: means an interest in a vehicle reserved or created by agreement and which secures payment or performance of an obligation. See
- Trailer: is a vehicle without motive power designed to be drawn by a motor vehicle, and so constructed that no part of its weight rests upon the towing vehicle excepting, however, road making appliances and transportation dollies, and "semi-trailer" is a vehicle without motive power, designed to be drawn by a motor vehicle, and so constructed that some part of its weight and that of its load rests upon or is carried by the towing vehicle, excepting, however, pole dinkeys, transportation dollies, and road making appliances. See
- Vehicle: means a motor vehicle as defined by section 4 of this title. See
§ 2048. Terminal rental adjustment clauses; 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. (Added 1993, No. 27, § 6.)