Notwithstanding another provision of law, a transaction involving a motor vehicle or trailer does not create a sale or security interest merely because the agreement contains a terminal rental adjustment clause which provides that the rental price may be or must be adjusted either upward or downward by reference to the amount realized upon sale or other disposition of the motor vehicle or trailer.
HISTORY: 1998 Act No. 406, Section 1.
Editor's Note
1998 Act No. 406, Section 2,provides as follows:
"The clarification of existing law in Section 56-19-720 of the 1976 Code as contained in Section 1 of this act must be given effect in all court cases brought on or after the effective date of this act."