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625 ILCS 5/3-201.1

Terminal rent adjustment clause leases

Known as the Illinois Commercial Safety Towing Law

The act spans §§ 625-5-10-201 to 625-5-7-216 (213 sections).

P.A. 87-493.

In the case of motor vehicles or trailers, a transaction does not create a sale or a 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 disposition of the motor vehicle or trailer.

Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.