Evco Distributing, Inc. v. Commercial Credit Equipment Corp.

Prager, J.:

This appeal involves a controversy between parties to a commercial tripartite finance lease. Lease transactions of this type involve three parties: (1) the supplier, (2) the financing agency as lessor, and (3) the buyer as lessee. Typically, a potential buyer will negotiate with the supplier for the purchase of certain equipment. In lieu of an outright purchase by the buyer, the supplier will sell the equipment to a third party, the financing agency. The financing agency, as lessor, in turn leases the equipment to the buyer, as lessee, for a period of time that is substantially the…