Law on financial leasing governs:
- financial leasing transactions
- financial lease agreements
- rights and obligations of parties to a financial leasing transaction
- terms of performing financial leasing transactions
- supervision of Lessors’ operations and
- the Register of Financial Leases.
Financial Leasing Transaction
A financial leasing transaction means a financial intermediation transaction which is performed by the Lessor and implies that the Lessor, while retaining the right of ownership of the Lease Asset, transfers to the Lessee, for an agreed period of time, the right to possession and use of the Lease Asset, including all risks and rewards incidental to ownership, in return for the Lease Payment which the Lessee pays to the Lessor, provided that at least one of the following conditions has been met: Continue reading Parties to a financial leasing transaction
Cession of claims by contract is governed by the provisions of Articles 436 to 445 of the Law on Obligations and resulting in a substitution of creditor in obligations.
Subject of Contract
A creditor may carry out the cession of his claim by a contract entered into with a third person, except a claim whose transfer is not permitted by statute, or which is restricted to creditor’s
person, or whose very nature is incompatible with transferring to another.
Cession of claim by contract respectively a contract of cession shall have no effect for a debtor if he and the creditor have stipulated that the latter shall not be able to assign the claim to another, or that he shall not assign it without the debtor’s consent. Continue reading Cession of claims by contract
Provisions of the Law on Enforcement and Security Interest regulate the procedure in which courts and public enforcement officers conduct the compulsory collection of enforceable creditors’ claims based on enforceable and credible documents(enforcement proceedings), the procedure for putting a lien on claims and the status of public enforcement officers.
Enforcement proceedings and security interest proceedings are initiated by a judgment creditor filing a motion for the enforcement based on enforceable or credible document or a motion for security interest, or ex officio only when so provided for by the law.
A court decides on the motion for enforcement based on enforceable or credible document and on the motion for security interest. Continue reading Enforceable and credible document as ground for rendering of decision on execution