427.200. Lease of personal property allowed--writing required. - Missouri Statutes

Lease of personal property allowed--writing required.

427.200. Any person may hold personal property for lease, except asotherwise provided by law. A lease shall be in writing and may be eitherthe functional equivalent of a loan or a true lease where the lessee payscompensation for the use of the leased property which is returned to thelessor at the end of the lease. A motor vehicle lease may include theoutstanding balance of a prior loan or lease of a motor vehicle used as atrade-in, as well as other items that are capitalized or amortized duringthe lease term. Lease payments shall be considered in the nature of rentrather than interest, and the provisions of chapter 408, RSMo, relating tointerest, shall not apply.

(L. 1999 S.B. 386)