Retail installment contract definition

Retail installment contract means that term as defined in section 2 of the retail installment sales act, MCL 445.852.

Retail installment contract means an instrument entered into in this state evidencing a secured or unsecured retail installment transaction, and includes a chattel mortgage, a security agreement, a conditional sale contract, or a bailment or lease contract if the bailment or lease contract requires the bailee or lessee to pay an amount equal to or greater than the value of the bailed or leased good, and additionally provides that the bailee or lessee shall become, for no additional consideration or for nominal consideration, the owner of

Retail installment contract means an equipment retail installment contract or retail installment loan, including any consumer installment loan, secured by Financed Equipment.

Examples of Retail installment contract in a sentence

• Unless Purchase Money Inventory is the subject of a Retail Installment Contract that satisfies the requirements of Section 6.7 or is sold pursuant to Section 4.0, Dealer shall not attempt to or actually, sell, lease, transfer, mortgage, encumber, or otherwise dispose of the Purchase Money Inventory, any part thereof, or any interest therein, or remove, for a period exceeding twenty-four (24) hours, any item of Purchase Money Inventory from the Dealer’s Place of Business.

• The document shall disclose an adequate description of the work and/or services being performed by the dealer/contractor, a date prior to or same as the Retail Installment Contract, amount of work, name(s), and address of the borrower(s) and the dealer/contractor as well as signature(s) of the borrower(s) and authorized signer for the dealer/contractor.

• The rescission must begin on the same date that the Retail Installment Contract is executed.

• In addition to bearing a authorization signature and date the following information is completed: · Amount Financed: taken from the Retail Installment Contract · Discount: obtained from the Commitment Letter (if applicable).

• Associates Commercial Corporation and Grossman's are parties to a certain Retail Installment Contract dated February 26, 1996 under which the Debtor purchased certain equipment (the "Installment Contract").

More Definitions of Retail installment contract

Retail installment contract means an equipment retail installment contract or retail installment loan secured by Financed Equipment.

Retail installment contract or “contract” means an agreement, entered into in this state, pursuant to which the title to, the property in or a lien upon the motor vehicle, which is the subject matter of a retail installment transaction, is retained or taken by a retail seller from a retail buyer as security, in whole or in part, for the buyer’s obligation. The term includes a chattel mortgage, a conditional sales contract and a contract for the bailment or leasing of a motor vehicle by which the bailee or lessee contracts to pay as compensation for its use a sum substantially equivalent to or in excess of its value and by which it is agreed that the bailee or lessee is bound to become, or has the option of becoming, the owner of the motor vehicle upon full compliance with the provisions of the contract.

Retail installment contract means any security agreement negotiated or executed in

Retail installment contract or "contract" means a contract,

Retail installment contract means an equipment retail installment contract secured by Financed Equipment.

Retail installment contract or “contract” means a contract, other than a retail charge agreement or an instrument reflecting a sale made pursuant thereto, entered into or performed in this state for a retail installment transaction. “Retail installment contract” includes a chattel mortgage, a conditional sale contract and a contract in the form of a bailment or a lease if the bailee or lessee contracts to pay as compensation for their use a sum substantially equivalent to or in excess of the value of the goods sold and if it is agreed that the bailee or lessee is bound to become, or for no other or a merely nominal consideration, has the option of becoming the owner of the goods upon full compliance with the provisions of the bailment or lease.

Retail installment contract means any agreement, entered into in this state, evidencing a retail installment sale of a motor vehicle, other than for the purpose of resale, pursuant to which title to, or a lien upon the motor vehicle is retained by the retail seller as security for the retail buyer's obligation. This term includes a mortgage, conditional sale contract or any contract for the bailment or leasing of a motor vehicle by which the bailee or lessee contracts to pay as compensation for its use a sum substantially equivalent to the time sale price of the motor vehicle and by which it is agreed that the bailee or lessee is bound to become, or has the option of becoming for no additional consideration or for nominal additional consideration, the owner of such motor vehicle;