New Jersey Statutes 56:12-71. Definitions
Terms Used In New Jersey Statutes 56:12-71
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
“Buyer” means a person who buys or leases a motor vehicle under a conditional sale contract.
“Conditional sale contract” means any contract for the leasing of a motor vehicle between a buyer and a seller, with or without accessories, by which the lessee agrees to pay as compensation for use a sum substantially equivalent to or in excess of the aggregate value of the vehicle and its accessories, if any, at the time the contract is executed, and by which it is agreed that the lessee will become, or for no other or for a nominal consideration has the option of becoming, the owner of the vehicle upon full compliance with the terms of the contract.
“Lease contract” means a contract for or in contemplation of the lease for the use of a motor vehicle, and the purchase of services incidental to the lease, for a term exceeding four months primarily for personal, family, household, business or commercial purposes, whether or not it is agreed that the lessee bears the risk of the motor vehicle’s depreciation.
“Lessee” includes a bailee and means a person who leases, offers to lease or is offered the lease of a motor vehicle under a lease contract.
“Motor vehicle” means any vehicle required to be registered under Title 39 of the Revised Statutes.
“Person” means an individual, company, firm, association, partnership, trust, corporation, or other legal entity.
“Security agreement” means an agreement that creates and provides for a security interest.
“Security interest” means an interest in personal property which secures the payment or performance of an obligation.
“Seller” means a person engaged in the business of selling or leasing motor vehicles under a conditional sale contract.
L.1995,c.77,s.1.