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Laws of the Federation Preview 52 min read

Equipment Leasing Act, 2015

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EQUIPMENT AND LEASING ACT, 2015

Explanatory Memorandum: This Act seeks to regulate the business of Equipment Leasing in Nigeria so that the relationship between the lessor and the Lessee and other third parties is identified and protected. The Act further seeks to establish a Regulation Authority so as to provide for the registration of all Equipment Leases and the certification of equipment lessors. An Act to Regulate the Business of Equipment Leasing in Nigeria and for Connected Purposes Therewith

Arrangement of Sections

1. Application

2. Equipment lease agreement

3. Classification of Equipment Leasing

4. Contents of a Lease agreement

5. Delivery of a lease agreement to the lessee.

6. Business of equipment leasing

7. Establishment of registration authority.

8. Composition of registration

9. Duties of a registration authority

10. Funds and financial accounts of the registration authority

11. Power of the minister to Issue guidelines to the registration authority

12. Register of Registered Equipment Lease Agreement

13. Registration of a lease agreement

14. Application for registration of leased agreement.

15. Issue of registration certificate

16. Effect of registration or a registrable agreement

17. Effect of nonregistration of a registrable lease agreement.

18. Fixation of the lessor's name on leased equipment.

19. Implied terms as to legal ownership of the leased equipment.

20. Sale, transfer of leased equipment.

21. Priority of the lessor's claim against third party and insolvency of a lessee

22. Rights and obligation of a lessee

23. Default of lease resulting in termination of agreement between lessor and supplier

24. Liability for damage of leased equipment caused by lessee or his agent.

25. Claims to leased equipment by a third party

26. Right of a lessor to inspect leased equipment.

27. Duty of lessee under a lease agreement to keep a leased equipment in his possession and for his use, to give information on request

28. Liability of the lessor for delay in delivery of leased equipment.

29. Non-delivery of equipment to the lessee as a result of the lessor's wilful infringement

30. Claim against lessor for non-delivery of a leased equipment

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