2020 Maryland Statutes
Transportation
Title 13 - Vehicle Laws -- Certificates of Title and Registration of Vehicles
Subtitle 2 - Security Interests
Section 13-211 - Terminal Rental Adjustment Clause

Universal Citation:
MD. Transportation Code Ann. § 13-211 (2020)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.

    (a)    In this section, “terminal rental adjustment clause” means a provision in a contract permitting or requiring the rental price of a motor vehicle or trailer to be adjusted either upward or downward by reference to the amount realized upon sale or other disposition of the motor vehicle or trailer.

    (b)    Nothing in this section exempts a motor vehicle or trailer from the payment of any fees or taxes required at the time of titling a vehicle under the Maryland Vehicle Law.

    (c)    Notwithstanding any other provision of law, in the case of a motor vehicle or trailer that is not leased, or used, primarily for personal, family, or household purposes, a transaction does not create a sale or security interest merely because the contract on which the transaction is based contains a terminal rental adjustment clause.

Disclaimer: These codes may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.