The Equipment Leasing and Financing Laws Under the Uniform Commercial Code
Overview
A product vendor setting up an in-house financing activity must know the various state laws applicable to equipment financing, embodied in the Uniform Commercial Code (UCC) of each state, discussed as follows, to properly draft and address requirements for a lease or financing contract, and to protect the equipment financed from lessee or financing contract obligor creditors and other third-party claims. There are no applicable federal leasing or financing law statues, other than for aircraft, marine, and rail-related equipment.
The various state equipment leasing laws are embodied in Article 2A of the UCC, as adopted by each state and the District ...
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