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The Rights and Obligations of the Lessor
The lessor is under the obligation to transfer the possession of the
leased good to the lessee. Unless regulated otherwise under the agree-
ment, the leased good shall be transferred to the lessee at the latest
within two years as of the date of the agreement.
If the leased good may not be delivered to the lessee due to the lack
of execution of an agreement by the lessor with the producer or the
seller of the leased good in due time, the provisions of the Code of
Obligations in relation to the rights of the non-violating party, in the
event of non-execution of obligations of the other party, shall be
applicable.
Law No. 6361 no longer preserves the provision stating that the
lessor shall be the insurer of the leased good. Pursuant to the new pro-
visions, the agreement shall specify the party who shall insure the
leased good.
The agreement may grant the lessee a purchase right over the
leased good. In the event the agreement regulates this opportunity, and
provided a notice is served to the lessee, in the event the lessee fails to
exercise its purchase right within thirty days starting from the genera-
tion of the right or to return the leased good to the lessor, the lessor
may unilaterally realize any action necessary for the transfer of own-
ership of the good to the lessee.
Unless regulated otherwise in the financial leasing agreement, the
lessor may transfer the property of the leased good to another lessor (as
defined under Law No. 6361). The transfer must be notified to the
lessee.
Termination of the Agreement
As was under the Abrogated Law, unless regulated otherwise, the
agreement shall be deemed terminated at the end of its term, and in the
event of bankruptcy, death or loss of legal capacity of the lessor. The
parties may agree to extend the term of the lease agreement three
months prior to the lapse of its term. The event of unsuccessful execu-
tion proceedings against the lessee is no longer preserved as grounds
for termination. On the other hand, Law No. 6361 regulates that the
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NEWSLETTER 2012