Tennessee Code 47-2A-209 – Lessee under finance lease as beneficiary of supply contract
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Terms Used In Tennessee Code 47-2A-209
- Contract: A legal written agreement that becomes binding when signed.
- Finance lease: means a lease with respect to which:
(i) the lessor does not select, manufacture, or supply the goods. See Tennessee Code 47-2A-103 - Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Tennessee Code 47-2A-103
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See Tennessee Code 47-2A-103
- Lessee: means a person who acquires the right to possession and use of goods under a lease. See Tennessee Code 47-2A-103
- Lessor: means a person who transfers the right to possession and use of goods under a lease. See Tennessee Code 47-2A-103
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
- Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See Tennessee Code 47-2A-103
- Supply contract: means a contract under which a lessor buys or leases goods to be leased. See Tennessee Code 47-2A-103