An agreement which conforms with the definition as set forth in § 4-92-102(7) shall be a true lease and shall not constitute a credit sale, retail installment contract, agreement, obligation, or any other type of credit sale financing device, nor shall it create a security interest as that term is defined in § 4-1-201(b)(35). Until the lessor transfers title to the merchandise to the consumer, the relationship of the parties to a rental-purchase agreement shall be that of a lessor and lessee and not that of a seller and buyer, and title to the merchandise shall remain vested with the lessor.
Ark. Code Ann. § 4-92-104
Agreement — Nature
Known as the Rental Purchase Act
The act spans §§ 4–4 (8 sections).
Applied in 1 court decision — leading case In Re Taylor (1991)
Most recently applied in In Re Taylor (June 1991)
Acts 1987, No. 490, § 3.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.