COMMERCIAL LAW
Merchant Art. 1
(1) (Amended, SG No 83/1996) For the purposes of this Act a merchant
shall mean any individual or
corporate body engaged by occupation in any of the following transactions:
1. purchasing goods or other chattels for the purpose of reselling them
in their original, processed or
finished form;
2. sale of one's own manufactured goods;
3. purchasing securities for the purpose of reselling them;
4. commercial agency and brokerage;
5. commission, forwarding and transportation transactions;
6. insurance transactions;
7. banking and foreign-exchange transactions;
8. bills of exchange, promissory notes and cheques;
9. warehousing transactions;
10. license transactions;
11. supervision of goods;
12. transactions in intellectual property;
13. hotel operation, tourist, advertising, information, entertainment,
impresario and other services;
14. purchase, construction or furnishing of real property for the purpose
of sale;
15. leasing.
(2) Merchants are:
1. the companies;
2. the cooperatives, except housing cooperatives.
(3) Any person which has established a business, which in accordance
with its purposes and volume
requires that its activities be conducted on a commercial basis even
if not listed under paragraph 1, shall
also be deemed a merchant.
Definition
Art. 342 (New, SG, No 83 1996)
(1) Under a leasing contract the lessor undertakes to provide an item
for use against payment.
(2) Under a financial leasing contract the lessor undertakes to obtain
an item from a third party under terms
specified by the lessee, and to provide that item to the lessee for
use against payment.
(3) The lessee may acquire the item during the term of the contract
or after the expiration thereof.
Risk
Art. 343 (New, SG, No 83 1996)
In the case of a financial lease the risk of accidental destruction
or damages to the Art. shall be on the
account of the lessee.
Obligations of lessor
Art. 344 (New, SG, No 83 1996)
(1) The lessor shall undertake the obligations of lessor pursuant to
Art. 230 of the Obligations and
Contracts Act.
(2) The lessor under a financial lease shall be bound to transfer its
rights in respect of the third party
concurrently with the transfer of title of the item.
Obligations of the lessee
Art. 345 (New, SG, No 83 1996)
(1) The lessee shall undertake the obligations of lessee pursuant to
articles 232 and 233, paragraph 2, of the
Obligations and Contracts Act, as well as the obligation to return the
item upon expiration of the term of
the contract.
(2) The costs pertaining to maintenance of the item shall be on the
account of the lessee.
Sub-leasing
Art. 346 (New, SG, No 83 1996)
The lessee may give the item to be used by another party with the consent
of the lessor.
Reference
Art. 347
(1) (New, SG, No 83 1996) The rules of this Chapter shall also apply mutatis mutandis to leasing of an enterprise.
(2) (New, SG, No 92 2007) The rules relevant to lease contracts shall apply mutatis mutandis to leasing contracts with the exception of Art. 229, paragraph 3, Art. 231, paragraphs 1 and 2, Art. 233, paragraph 1, Art. 235, Art. 236, paragraph 1, articles 237, 238 and 239 of the Obligations and Contracts Act.
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