Financial Leasing of Equipment in the Law of the United States

As in most areas of the law, the rules and practices of the United States relating to financial leasing of equipment are more complex than those of any other country. Notable points are that commercial and tax law emphasize the substance of a transaction, but do so differently; that bankruptcy law appears to emphasize the substance but may be controlled instead by the expressed intent of the parties; that the rules of financial accounting emphasize literal compliance, rather than substance; that there are special rules, often very complex and different from one another, for leasing of aircraft, ships, and rolling stock; that most modern international conventions dealing with these and related areas set forth rules largely consistent with those of the United States, but that the United States nevertheless rarely ratifies them; and that when the United States adds new requirements, such as those of an international convention, its lawyers usually treat those requirements as additions, rather than replacements, to its existing rules

Accounting information system · Accounting management · Accounting standard · Bankruptcy · Business · Convention · Database transaction · Economics · Law and economics · Political science · Substance over form · Accounting · Finance · International Law and Aviation · Law

• Reforming Non‐Possessory Secured Transactions Laws

  Open Access•Giuliano G Castellano•Modern Law Review•2015

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