Bill Summary for S 590 (2011-2012)

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Summary date: 

Apr 13 2011
S.L. 2011-223

Bill Information:

View NCGA Bill Details2011-2012 Session
Senate Bill 590 (Public) Filed Wednesday, April 13, 2011
TO CLARIFY THAT TERMINAL RENTAL ADJUSTMENT CLAUSES DO NOT CREATE A SALE OR SECURITY INTEREST IN THE LEASED VEHICLE.
Intro. by Vaughan.

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Bill summary

Enacts new GS 20-78.1 to provide that a lease transaction does not create a sale or security interest in a motor vehicle or trailer simply because the lease contains a terminal rental adjustment clause that permits or requires the rental price to be adjusted up or down as specified.