Iowa Code 321.51 – Terminal rental adjustment clause — vehicle leases that are not sales or security interests
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Terms Used In Iowa Code 321.51
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Motor vehicle: means a self-propelled vehicle purchased or leased in this state, except as provided in section 322G. See Iowa Code 322G.2
- Vehicle: means any vehicle as defined in chapter 321. See Iowa Code 321H.2
An agreement involving the leasing of a motor vehicle or trailer does not create a sale or security interest solely because the agreement provides for an increase or decrease adjustment in the rental price of the motor vehicle or trailer based upon the amount realized upon sale or other disposition of the motor vehicle or trailer following the termination of the lease.