Study Of The Legal Issues Of Financial Leasing Transactions

Financial leasing transaction is an integrated financial innovation tool, combining industry, trade, and finance, which involves three parties and two contracts. It differs from the traditional legal relationship in many ways, which has arisen many new issues. In 1999, "The Contract Law of PRC", absorbed new achievements of the UNIDROIT Convention on International Financial Leasing, using an independent transaction that sets forth the provisions of an independent chapter for financial leasing contract. But since 2003, some of our experts and scholars proposed to adopt uniform mode of legislation. The Law Committee of NPC has set up the financial leasing law drafting team on the specific legislation, and has released three drafts.Based on this, this paper consulted a large number of documents and cases, by analysing legal system and judicial practice of the financial leasing transactions in China, to find out whether the specific legislation on the financial lease is needed.The whole paper consists of six parts. The introduction part described the production, the development and the function of foreign financial leasing, and also mentioned the process of introducing it into China. Furthermore, the foreword part leads to the purpose of this writing by theoretical arguments and legislative process.The First Chapter, explained the basic process of financial leasing transactions, and then discussed the four main types of financing leasing transactions through the legal definition of financial leasing. In addition, this paragraph gave general comments on the five theories of the legal character.Taking the economic nature of financial leasing transactions and the special legal relationship into account, this paper supported the theory of Independent Transaction.The Second Chapter gave general comments on trading framework set forth in the financial leasing contract in Contract Law, and then discussed the major flaws in detail, proposing to use legal interpretation in the existing legal system to better it. Then this paper studied the registration system of the leased property in financial leasing transactions, and pinpointed that the ratification of the People's Bank of China's financial leasing registration publicity system was eagerly needed through the judicial practice. The Third Chapter, first reviewed the early development of financial leasing trials of China, then combining with statistical methods, using time series and classification statistical methods, studied the trials of financial leasing disputes from the macro perspective, through the case samples of 2007-2009. By generating and analysing these cases, this paper studied the main disputes and the application of laws of the three years' financial leasing transactions from the micro perspective. The conclusion is that the existing legal system is adequate to meet the requirements of financial leasing transactions.The Fourth Chapter discussed the two models of the international legislation on the financial leasing and their criteria. Then, with analysis of multiple perspectives, the author pointed that specific legislation on the financial leasing transaction is not required at the present stage in China.The final conclusion part summarized the main contents of the former parts, and enumerated the theories and research findings through all chapters, and also clarified the result of research of this paper.