Section 41-16A-7 Impact of other state laws upon interpretation of contracts executed pursuant to this chapter.
Section 41-16A-7
Impact of other state laws upon interpretation of contracts executed pursuant to this chapter.
The provisions of any alternative financing contract that are either permitted or required to be included therein pursuant to this chapter shall be valid and enforceable in accordance with their terms notwithstanding any other laws of the state to the contrary. Notwithstanding the foregoing, the laws of the state other than this chapter shall determine whether a particular alternative financing contract constitutes a lease or a sale of the subject property to the governmental entity with the retention by the grantor party of a security interest and shall determine the applicability of Articles 2, 2A, and/or 9 of Title 7, as amended, to such alternative financing contract.
(Acts 1993, No. 93-261, p. 389, §7.)