Sunday, June 24, 2018

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Financial Leasing - Glossary

Definitions of certain terms used in the form and on the Agency’s website

FINANCIAL LEASING REGISTER is a public register, in which data are entered on Financial Leasing Agreements concluded between natural and legal entities, in accordance with the Law. It is a unique electronic database in which all data entered in the Register are kept in accordance with the Law on Financial Leasing.

APPLICATION is a form containing data which are entered into the database of the Financial Leasing Register. The application forms are posted on the website of the Business Registers Agency. In order to complete the registration of a Financial Leasing Agreement, an application form must be submitted, properly filled out in accordance with the instructions provided in the form. Depending on whether the applicant wants to request entry, deletion of data, or an excerpt from the Register’s database, he shall use one of the following forms:

  • Application for the registration of a Financial Leasing Contract
  • Application for the registration of changes of or amendments to data on the Financial Leasing Agreement
  • Application for the registration of data entries on a dispute
  • Application for the registration of termination of financial leasing agreement or deletion of data from the Register.

LEGAL GROUNDS FOR REGISTRATION OR STRIKE OFF OF DATA FROM THE REGISTER are the documents submitted along with the application, on the basis of which data are entered into or stricken off the Register (agreement, annex to the agreement, court ruling and similar).

FL.no. is the number under which the financial leasing agreement is filed in the Financial Leasing Register (assigned by the Business Registers Agency).

EXCERPT FROM THE REGISTER is an official document of the Financial Leasing Register which contains data on the individual Financial Leasing Agreement registered in the Register, or which confirms that the there are no entries in the Register on any financial leasing agreement with respect to a certain movable asset or that a certain natural or legal entity is registered in the database as the lessee.

THE LESSOR is a company that has legal title to property which is the subject of the leasing, which grants the lessee the right to hold and use the property for the agreed lease term and which is entitled to the agreed lease fee.

THE LESSEE is the legal or natural entity to whom the lessor has granted the right to hold and use the subject matter of leasing, for the agreed lease term and for an agreed lease fee.

THE SUPPLIER OF THE LEASING OBJECT is a legal or natural entity which has transferred the right of ownership of the subject matter of leasing, so that it can be appointed to the lessee to hold and to use, for an agreed lease term and for an agreed lease fee.

A PROXY is a person authorized for representation. If an application is submitted through a proxy, a power of attorney must be provided to show that this person is authorized to undertake legal actions in the Business Registers Agency. If the proxy is not an attorney, then the power of attorney must be by the court or other authority competent for the certification of signatures.

AN INTERESTED PARTY is a person, who is neither the lessor nor the lessee, who has a legal interest in having data entered in or stricken off the Register of Financial Leasing.

LEASED ASSETS – movable assets (equipment, plant, vehicle and similar) and immovable assets that can be the subject of ownership in the sense of the law governing property relations.

LEASE FEE is the fee paid by the lessee to the lessor for the use of the financial leasing object.

Copyright 2007 by APR