| Commentary

33 The lease

| Commentary

2: THE MAIN TYPES OF AGREEMENT

33 The lease

Although leasing has been around for many centuries1, the last 30 years have witnessed a great expansion in the use of the lease in aircraft and other asset financing. With this development various different types and forms of lease have emerged, whose legal effect can vary from jurisdiction to jurisdiction2.

A lease in its simplest form is a contract of hire, by which the owner or person entitled to the ownership of the asset (the ‘lessor’) leases, ie grants a right of possession and use, to the person requiring the asset (the ‘lessee’)

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