Rental price adjustment of motor vehicle or trailer based on amount of sale of vehicle does not create sale or security interest
When someone rents a car or trailer, the rental price can go up or down based on how much the vehicle sells for later. Just because the rental agreement includes that kind of price adjustment does not mean the renter owns the vehicle or has a legal claim on it.
301.452. Rental price adjustment of motor vehicle or trailer based on amount of sale of vehicle does not create sale or . — In the case of motor vehicles or trailers as those terms are defined in section 301.010, to the contrary, a 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 of the motor vehicle or trailer.
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Source & history notes
(L. 1991 S.B. 413 § 1)
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