12-631. Definitions

297 words·~1 min read·/az/title-12/12-631

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

In this article, unless the context otherwise requires:

1. "Buyer" means a person who buys or hires a motor vehicle under a retail installment contract.

2. "Direct loan agreement" means an agreement between a lender and a purchaser by which the lender has advanced monies pursuant to a loan secured by a motor vehicle which the purchaser has purchased.

3. "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, by a natural person 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.

4. "Lessee" includes a bailee and means a natural person who leases, offers to lease or is offered the lease of a motor vehicle under a lease contract.

5. "Lessor" includes a bailor and means a person who is engaged in the business of leasing, offering to lease or arranging the lease of a motor vehicle under a lease contract.

6. "Motor vehicle" means a motor vehicle which is required to be registered under title 28, chapter 7.

7. "Purchaser" has the same meaning prescribed in section 47-1201.

8. "Retail installment contract" has the same meaning prescribed in section 44-281 and includes the sale of a motor vehicle between a buyer and a seller primarily for business or commercial purposes.

9. "Secured party" has the same meaning prescribed in section 47-9102.

10. "Security agreement" has the same meaning prescribed in section 47-9102.

11. "Security interest" has the same meaning prescribed in section 47-1201.

12. "Seller" means a person engaged in the business of selling or leasing motor vehicles under a retail installment contract.