LAW OF THE REPUBLIC OF MOLDOVA

of April 28, 2005 No. 59-XVI

About leasing

The parliament adopts this organic law.

Chapter I. General provisions

Article 1. Purposes of this law

This law determines the legal basis of regulation of the leasing relations, leasing objects, and also participants of leasing transactions, their rights, obligation and responsibility.

Article 2. Legal regulation

(1) Leasing and the related legal relationship are regulated by the Civil code, this law, regulations of the National commission on the financial market and other legal acts.

(2) If the international treaty in the field of leasing, one of the parties of which is the Republic of Moldova, the regulations differing from provided by this law are established, regulations of the international treaty are applied.

Article 3. Basic concepts

For the purpose of this law the following concepts are used in value:

leasing - set of the relations arising for the purpose of and in connection with implementation of the agreement of leasing;

the agreement of leasing - the agreement according to which one party (lessor) (leasing recipient) shall provide according to the petition of other party in temporary ownership and use the thing acquired or made by the lessor instead of periodical payments (leasing payments), and after the duration of the agreement to observe the right of the leasing recipient to choose: acquire thing, extend the agreement of leasing or stop contractual relations;

original cost - the cost at which the thing was acquired or made by the lessor including the customs duties and other taxes provided by the current legislation (except the taxes subsequently compensated by the State Tax Administration to business entity), and also any other expenses if those take place, connected with acquisition, delivery, commissioning of thing according to the agreement of leasing;

total cost - the amount of all leasing payments to which residual cost is added;

residual cost - the cost at which after the term of the agreement of financial leasing to the leasing recipient the ownership to thing is transferred;

leasing payments - the periodical payments made by the leasing recipient to the lessor, representing:

a) equity part of original cost of thing and the income from leasing - in case of financial leasing;

b) the depreciation percent estimated according to the existing regulations and the profit established by contracting parties - in case of operational leasing.

Article 4. Types and objects of leasing

(1) This law is applied to the following types of leasing:

a) financial leasing - any leasing transaction answering to at least than one of the following conditions:

- the risks and benefits connected with the property right to the thing which is leasing subject are transferred to the leasing recipient at the time of the conclusion of the agreement of leasing;

- the amount of leasing payments constitutes at least 90 percent of original cost of the leased thing;

- the agreement of leasing directly provides transfer to the leasing recipient of the property right regarding leasing upon termination of the term of the agreement of leasing;

- the term of leasing exceeds 75 percent of term of useful service of subject of leasing;

b) operational leasing - any leasing transaction which does not correspond to any of terms of the contract of financial leasing;

c) leasing barter - leasing transaction within which the leasing recipient performs payment of leasing payments by things which owner he is;

d) compensation leasing - leasing transaction within which the leasing recipient perfroms calculations for leasing payments products made by means of leasing subject;

e) returnable leasing - transaction within which one party transfers the ownership to thing to other party for the purpose of the subsequent obtaining it in leasing;

f) consumer leasing - leasing transaction within which the leasing recipient acts as the consumer;

g) direct leasing - leasing transaction within which the lessor is at the same time and the supplier of thing;

h) internal leasing - leasing transaction within which all subjects are residents of the Republic of Moldova;

i) international leasing - leasing transaction within which the lessor or the leasing recipient is not resident of the Republic of Moldova.

(2) any movable or immovable thing, except for can be the Subject of leasing:

a) the things withdrawn from civil circulation or limited to the address according to the law;

b) farmlands;

c) the consumed things;

d) the intellectual property items which are not subject to transfer.

Article 5. Subjects of the leasing relations

Subjects of the leasing relations are:

a) the lessor - the physical person or legal entity which is engaged in business activity which according to terms of the contract of leasing transfers to the leasing recipient, according to its petition, to certain term, the right to temporary ownership and use of thing which owner it is, with transition or without transition to the leasing recipient after the duration of the agreement of the property right regarding leasing;

b) the leasing recipient - physical person or legal entity which according to the agreement of leasing receives in temporary ownership and use leasing subject for certain term instead of leasing payments. If leasing recipient is the physical person who is not engaged in business activity regulations of legal acts and regulations of the Government on consumer protection are applied to leasing transactions;

c) the seller (supplier) - physical person or legal entity which according to the purchase and sale agreement signed with the lessor, or the complex agreement signed with the lessor and the leasing recipient sells to the lessor the thing specified by the leasing recipient.

Article 5-1. Regulation and supervision of activities of participants of leasing transactions as the lessor

Regulation and supervision of the activities of participants of leasing transactions as the lessor performed by non-bank credit institutions are provided with the National commission on the financial market according to regulations.

Chapter II. Agreement of leasing, its change and termination

Article 6. Legal form of leasing transactions

Legal form of leasing transactions are the contract of leasing between the lessor and the leasing recipient and the purchase and sale agreement (deliveries) between the lessor and the seller (supplier) or the complex contract between them signed according to Articles 7 and 8.

Article 7. Agreement of leasing

(The Agreement of leasing shall contain 1):

a) agreement parties;

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info