§ 1203. Lease distinguished from security interest
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial CodeEffective: June 16, 2008
Effective: June 16, 2008
13 Pa.C.S.A. § 1203
§ 1203. Lease distinguished from security interest
(b) Sufficient attributes for security interest.--A transaction in the form of a lease creates a security interest if the consideration that the lessee is to pay the lessor for the right to possession and use of the goods is an obligation for the term of the lease and is not subject to termination by the lessee, and:
(e) Remaining economic life and reasonable predictability.--The “remaining economic life of the goods” and “reasonably predictable” fair market rent, fair market value or cost of performing under the lease agreement shall be determined with reference to the facts and circumstances at the time the transaction is entered into.
Credits
2008, April 16, P.L. 57, No. 13, § 1.1, effective in 60 days [June 16, 2008].
13 Pa.C.S.A. § 1203, PA ST 13 Pa.C.S.A. § 1203
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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