§ 1139. Terminal rental adjustment clauses
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 75 Pa.C.S.A. Vehicles
75 Pa.C.S.A. § 1139
§ 1139. Terminal rental adjustment clauses
Notwithstanding any other provision of law, a lease agreement which pertains to the commercial use of a motor vehicle or trailer and which includes a terminal rental adjustment clause does not create a sale or security interest merely because the terminal rental adjustment clause provides that the rental price is permitted or required to be adjusted under the agreement either upward or downward by reference to the actual value of the motor vehicle or trailer upon lease termination or sale or other disposition of the motor vehicle or trailer. Actual value shall be determined as agreed upon by the parties. This section is not applicable to a consumer lease agreement pertaining to a motor vehicle or trailer leased or used primarily for personal, family or household purposes.
Credits
1995, July 6, P.L. 315, No. 48, § 1, effective in 60 days.
75 Pa.C.S.A. § 1139, PA ST 75 Pa.C.S.A. § 1139
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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