Notwithstanding any other provision of law, a lease transaction does not create a sale or security interest in a motor vehicle or trailer merely because the lease contains a terminal rental adjustment clause that provides that the rental price is permitted or required to be adjusted up or down by reference to the amount of money realized upon the sale or other disposition of the motor vehicle or trailer.
N.C. Gen. Stat. § 20-78.1
Terminal rental adjustment clauses; vehicle leases that are not sales or security interests
Known as the Child Bicycle Safety Act
The act spans §§ 20–20 (324 sections).
2011-223, s. 1.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.