CLFP EXAM - Leasing Law Exam Questions and Answers

CLFP EXAM - Leasing Law Exam Questions and Answers What is Statutory Law? Includes law enacted by legislative bodies such as state legislatures and US Congress. The Uniform Commercial Code or "UCC" is a body of the state statutory law. What is Regulatory Law? Consists of regulations adopted by public bodies. Examples of regulatory law are regulations issued by the Internal Revenue Service (IRS) or the Securities Exchange Commission (SEC). Generally regulatory laws are not binding up the courts in the manner or statutory laws, but may be subject to broader interpretation What is Federal Law? Encompasses laws adopted by the US Congress such as the IRS and Bankruptcy Code. Although federal case precedent may be important in interpreting these and other statutory laws, federal common law generally has little application to equipment leasing and finance transactions What is State Law? General more relevant to the day to day leasing operations. State law include the UCC and cases interpreting it. Particular sate statutory tax laws are also important in leasing consideration