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Difference between revisions of "Leases"
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→True leases
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=== True leases=== | === True leases=== | ||
Security leases are treated differently under the law than “'''true leases'''”. True leases are strictly rental agreements and do not secure payment or performance of an obligation, even when they have a term of more than a year. Significantly, Part 5 of the ''Personal Property Security Act'' does not apply to true leases. | |||
It is not always easy to determine whether a client has a security lease or a true lease. Some of the indications of “security leases” were noted in the leading case of [http://canlii.ca/t/1t3s2 ''Accent Leasing & Sales Ltd. v. Babic and Bryant'']: | It is not always easy to determine whether a client has a security lease or a true lease. Some of the indications of “security leases” were noted in the leading case of [http://canlii.ca/t/1t3s2 ''Accent Leasing & Sales Ltd. v. Babic and Bryant'']: | ||
