41-1a-609 - Terminal rental adjustment clauses. - Utah Statutes

41-1a-609. Terminal rental adjustment clauses.
(1) As used in this section, "terminal rental adjustment clause" means a provision of anagreement that permits or requires the rental price to be adjusted upward or downward byreference to the amount realized by the lessor under the agreement upon sale or other dispositionof the property.
(2) Notwithstanding any other provision of law, a motor vehicle or trailer leaseagreement that is subject to a terminal rental adjustment clause does not create a sale or securityinterest.
(3) The provisions of this section do not affect:
(a) the rights and obligations of a valid security interest under this chapter; or
(b) the calculation of sales and use tax payable under Title 59, Chapter 12, Sales and UseTax Act.

Enacted by Chapter 266, 2003 General Session