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 the above are correct.

Question

Quizplus · Accepted Answer

A finance lease generally involves three parties - the lessor, the lessee, and the supplier. Finance leases are governed by the Uniform Commercial Code (UCC) rather than the Truth in Lending Act. The finance lessor functions as a source of credit, providing financing to the lessee for the leased asset. Therefore, only option C is correct.

Which of the Following Is Correct with Respect to "Finance