In the case of motor vehicles as defined in Section 32-8-2(10), notwithstanding any other provision of law, a transaction does not create a sale or security interest merely because the transaction 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.
Ala. Code § 32-8-60.1
Security Interest Not Created Where Rental Price May Be Adjusted by Reference to Amount Realized Upon Sale.
Known as the Alabama Uniform Certificate of Title and Antitheft Act
The act spans §§ 32–32 (52 sections).
Applied in 1 court decision — leading case In Re Hb Logistics, LLC (2011)
Most recently applied in In Re Hb Logistics, LLC (September 2011)
(Acts 1991, No. 91-549, p. 1012, §1.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.