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When Is a Lease of Personal Property a 'True Lease'?

By Alan M. Christenfeld and Barbara M. Goodstein

Just because a document is labeled a lease may not make it so under commercial law. One of the more heavily contested issues under the Uniform Commercial Code (UCC) is whether an agreement transferring use and possession of personal
property from one party to another is actually a lease as opposed to a sale subject to a security agreement. This article discusses the advantages and disadvantages of a “true lease” versus a security agreement, the legal considerations in determining how an agreement should be characterized under the UCC, and some interesting recent decisions in this area.

Lease or Security Agreement?

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