§ 40-14-241 — Security in sales or leases

(a) With respect to a consumer credit sale, a seller may
take a security interest in the property sold. In addition, a
seller may take a security interest in goods upon which services
are performed or in which goods sold are installed or to which
they are annexed, or in land to which the goods are affixed or
which is maintained, repaired or improved as a result of the
sale of the goods or services, if in the case of a security
interest in land the debt secured is one thousand dollars
($1,000.00) or more, or, in the case of a security interest in
goods the debt secured is three hundred dollars ($300.00) or
more. Except as provided with respect to cross-collateral (W.S.
40-14-242), a seller may not otherwise take a security interest
in property of the buyer to secure the debt arising from a
consumer credit sale.
(b) With respect to a consumer lease a lessor shall not
take a security interest in property of the lessee to secure the
debt arising from the lease. This subsection does not apply to a
security deposit for a consumer lease.
(c) A security interest taken in violation of this section
is void.