Repossessions: 14.1.2.4 Where a State Statute Defines a Lease as a Security Interest
A Nevada statute requires that dealers provide consumer vehicle lessees with a special disclosure statement. If the dealer does not obtain the consumer’s signature on that disclosure statement, the lease shall be deemed a retail installment contract for the sale of the vehicle.38 In that case, not only the state installment sales statute, but UCC Article 9 should apply to the transaction.