Law No. 756-I “On leasing.”

Legislation on leasing regulates relations arising in the process of leasing and consists of this Law and other legislative acts. Leasing is a special type of financial lease in which one party (the lessor), on behalf of the other party (the lessee), acquires from a third party (the seller) the property stipulated by the leasing agreement (the leasing object) and provides it to the lessee for a fee on the terms determined by such agreement in possession and use for a period exceeding twelve months. Objects of leasing can be any non-consumable things, including enterprises, property complexes, buildings, structures, equipment, vehicles and other movable and immovable property used for business activities. The objects of leasing cannot be land plots and other natural objects, as well as other property withdrawn from circulation or of limited circulation. Leasing can be carried out both in a direct form, in which all three leasing entities are present, and in a return form, in which the lessee and the seller act as one person. The ownership right to the leased object before its redemption by the lessee belongs to the lessor.