Legal glossary
“financial lease”
Defined in 2 Acts. A definition holds for the Act that gives it; the same word can mean something else in another Act.
The Recovery Of Debts And Bankruptcy Act, 1993 · s. 2
(ha) "financial lease" means a lease under a lease agreement of tangible asset, other than negotiable instrument or negotiable document, for transfer of lessor's right therein to the lessee for a certain time in consideration of payment of agreed amount periodically and where lessee becomes the owner of the such assets at the expiry of the term of lease or on payment of the agreed residual amount, as the case may be;]
Read section 2The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 · s. 2
(ma) "financial lease" means a lease under any lease agreement of tangible asset, other than negotiable instrument or negotiable document, for transfer of lessor's right therein to the lessee for a
Read section 2