Pennsylvania law Section 1137 establishes that the methods for perfecting and providing notice of security interests in vehicles are generally exclusive, with specific exceptions. Section 1139 clarifies that certain lease clauses do not create a security interest, especially in commercial vehicle leases, unless explicitly agreed upon by the parties. The law also includes amendments that update these provisions over time.
The law states that the method provided in this subchapter is the exclusive way to perfect and give notice of security interests, with certain specific exceptions.
No, such lease clauses do not create a security interest unless the parties explicitly agree otherwise, especially in commercial leases.
Yes, exceptions are provided in sections 9315 and 9316(d) and (e) of the Pennsylvania law, which address rights on disposition of collateral and changes in governing law.
Yes, amendments in 2001 and 2013 updated the sections, clarifying the procedures and exceptions related to security interests in vehicles.