Which of the following is correct with respect to "finance leases"?
A) A finance lease generally involves four parties.
B) Finance leases are governed by the Truth in Lending Act rather than the UCC.
C) The finance lessor functions as a source of credit.
D) All of these are correct.

Question

Quizplus · Accepted Answer

A finance lease typically involves three parties: the lessor, the lessee, and the supplier. It is governed by the Uniform Commercial Code (UCC), not the Truth in Lending Act. The finance lessor acts as a source of credit by purchasing the asset and leasing it to the lessee.

Which of the Following Is Correct with Respect to "Finance