On May 10 2000, the Argentine Congress passed Law 24,548,
the New Leasing Law, setting out a legal framework for leasing
transactions in Argentina. The law, which came into effect upon
its promulgation by the President of Argentina on June 8 2000
(with several vetos), is based on a draft prepared by the
Argentine Leasing Association (ALA). The ALA is a group of
leading lessors which works to improve the leasing legal
framework, based on the members' and their advisers'
experience, acquired since leasing was introduced to the
Argentine legislation in 1995, under Law 24,441.
The new law eliminates many restrictions contained in Law
24,441 which affected the development of the leasing business.
It substantially improves the remedies available to the lessor
upon a default or bankruptcy of the lessee, and introduces
certain additional tax benefits.
Definition of leasing
The law defines the leasing contract as an...