Newsletter-21

277 LAW OF OBLIGATIONS person, the imperative nature of Art. 15 of the same law, which provides that the possession of the leased asset shall not be trans- ferred (lease, loan for use etc.) does not give the opportunity to sublease. Thus, in the case at hand, the agreement shall not be deemed compliant with the Financial Leasing Code, even though the criteria laid out as a constituent element under Art 8 of the Code, which is the “registration to the special registry,”and under Art 9 of the Code, the ownership of the assets, subject to the agree- ment by the lessor and the possession thereof by the lessee, are met. The claimant grounds its non-seizability complaint upon the Financial Leasing Code. However, there is no financial leasing agreement in compliance with the criteria set out by the Code and, therefore, is valid.” The Regulation of Law numbered 6361 Law numbered 6361 is in line with the majority view of the doc- trine; therefore, the view of the Court of Cassation did not prevail. Consequently, Art. 18 of the FLFFC, titled “ Financial Leasing Agree- ment, ” allows such method: “Article 18 – The financial leasing agreement shall be an agreement by which the lessor grants the possession of an asset to the lessee, to provide all other benefits, purchased, otherwise obtained from a third person or from the lessee or passed into its ownership beforehand, upon the demand and selection of the lessee, in consideration of a leasing fee.” As is clear, the FLFFC explicitly provides for the method of a “ sale and lease back. ” The preamble of the provision further clarifies, as follows: “By this provision, the financial leasing agreement is defined as provision of the needed assets from a third person or from the lessee by the lessor through purchasing, or otherwise obtaining, and their transfer to the lessee in consideration of a fee, while al- lowing the supply of the assets from the lessee, as well as from third persons, and making the usage of the sale and lease back method possible, which is a very common international practice.”