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Substance, Not Form, Dictates Characterization of Assignment of Lease

In a recent decision, the Tenth Circuit held that an assignment of lease and certain lease-related equipment was a secured transaction, and not a true sale, despite the execution of a bill of sale from the assignor to the assignee. <i>Stillwater Nat'l Bank and Trust Co. v. CIT Group/ Equipment Financing, Inc.</i>, 383 F.3d 1148 (10th Cir. 2004).

9 minute read January 28, 2005 at 02:16 PM
By
Jeffrey N. Rich
Substance, Not Form, Dictates Characterization of Assignment of Lease

In a recent decision, the Tenth Circuit held that an assignment of lease and certain lease-related equipment was a secured transaction, and not a true sale, despite the execution of a bill of sale from the assignor to the assignee.

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