In the current economic climate, the vendors, lessees, and assignees or purchasers of equipment leases will need to ask themselves just how the insolvency of a lessor might affect them. The real fear for a vendor is being unable to collect the purchase price of the equipment sold to a lessor, when the lessor has entered into a lease for that equipment and assigned the lease or its right to collect the lease payments to a third party and then finds that the original lessor has become insolvent or files for bankruptcy. In the event of a lessor bankruptcy, the filing of a proof of claim in bankruptcy may be a vendor's only legal recourse for recovery of payments due for equipment already delivered. If a lessor has not breached the lease agreement but the vendor has not supplied products du...
NEWPORT - Eugene J. Lessor, 76, died Dec. 13, 2011, at a Bangor hospital. He was born Oct. 20, 1935, in Pittsfield, a son of Paul and Idella (Overlock) Lessor. He graduated from Unity High School and served in the U.S. Air Force. Pete was a member of Newport Post Veterans of Foreign Wars and was a past member of High Street Congregational Church. He was a handsewer at several area shoe shops, but most recently worked with his son at Jon's Redemption, Newport.
An automobile lessor waived its right to enforce an arbitration clause in its lease agreement by actively participating in its lessee's consumer protection lawsuit for four months before requesting a stay of proceedings, the California Court of Appeal has ruled in affirming judgment. The plaintiff leased a car from the defendant. The plaintiff sued the defendant under state consumer protection law after she turned the vehicle in and was charged $19,000 for exceeding the lease's mileage allowance.
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