12-631. Definitions


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.