CLFP - CLASS REVIEW QUESTIONS AND ANSWERS

When should lessor register as foreign corp? Within a state ... Good - stock of them Services offered Inspection or repair of property Office/employees Negotiated contracts What is dode of Hammurabi? - 1750 BC - Acknowledges leasing of personal property in his code of laws - First record of leasing law Early examples of true lease? - Phoenicians shipping experts - charters covered economic life of ships - lessee to assume benefits and obligations of ownership What is Statue of Whales? - 1284 AD - leasing personal property - 1571 defined who owned the lease property What is Philadelphia Plan? - 1700's railroads companies only afford tracks - Finance from private investors for locomotives/cars - equipment trusts - precursor of today conditional sale contract When & how did Independent Leasing Start? - 1900's - Offer short term contracts/leases - lessor retain title - rail cars would be returned at end - beginning of true/operating lease - third party leasing companies What is definition of captive? - sub o