Just because a document is labeled a lease may not make it so under commercial law. One of the more heavily contested issues under the Uniform Commercial Code (UCC) is
When Is a Lease of Personal Property a 'True Lease'?
This article discusses the advantages and disadvantages of a "true lease" versus a security agreement, the legal considerations in determining how an agreement should be characterized under the UCC, and some interesting recent decisions in this area.
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