8-1463. "Security interest" defined.
8-1463
8-1463. "Security interest" defined.
"Security interest" means an interest in a vehicle reserved or created
by agreement and which secures payment or performance of an obligation. The
term includes the interest of a lessor under a lease intended as security.
A security interest is "perfected" when it is valid against third parties
generally, subject only to specific statutory exceptions.
History: L. 1974, ch. 33, § 8-1463; July 1.