00SENATE BILL NO. 227                                                                                                     
01 "An Act relating to terminal rental adjustment clauses for motor vehicles and                                           
02 trailers."                                                                                                              
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 28.10 is amended by adding a new section to read:                                                   
05  Section 28.10.375.  EFFECT OF TERMINAL RENTAL ADJUSTMENT                                                              
06 CLAUSES.  Notwithstanding other provisions of law, a transaction involving a motor                                      
07 vehicle or trailer does not create a sale or security interest merely because the                                       
08 transaction provides that the rental price is permitted or required to be adjusted under                                
09 the agreement either upward or downward by reference to the amount realized upon                                        
10 the sale or other disposition of the motor vehicle or trailer.                                                          
11    * Sec. 2.  This Act does not apply to a transaction involving a motor vehicle or trailer                             
12 unless the transaction is entered into on or after the effective date of this Act.