Maryland Code, TRANSPORTATION 11-157
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maryland Code, TRANSPORTATION 11-157
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
“Security interest”:
(1) Means an interest in a vehicle that is reserved or created by agreement and that secures payment or performance of an obligation; and
(2) Includes the interest of a lessor under a lease intended as security.