§ 3-201.1 — Terminal rent adjustment clause leases

Illinois § 3-201.1

• Jurisdiction: Illinois
• Topic: TRANSPORTATION
• Ch. 625: VEHICLES
• Act 625 ILCS 5/: Illinois Vehicle Code.
• Art.: Chapter 3 - Certificates Of Title And Registration Of Vehicles

Text

In the case of motor vehicles or trailers, a transaction does not create a sale or a 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.

Legislative History

(Source: P.A. 87-493.)