CLFP Exam Questions with Complete Solutions

CLFP Exam Questions with Complete Solutions Beginning of Leasing Oldest record - 2010 B.C. in the Sumerian City of Ur. Used clay tablets for documenting leases for agricultural tools, land and water rights, oxen, and other animals. The Code of Hammurabi. King Hammurabi acknowledged leasing of personal property in his code of laws. FIRST RECORD OF LEASING LAW. Ship Charters Early example of a true lease. Phoenicians were shipping and trading experts who used ship charters to obtain a ship and crew. Other charters covered the economic life of the ship and required the lessee to assume the benefits and obligations of ownership. Statute of Wales English Common Law. 1284 AD, this was used in England to deal directly with the leasing of personal property. Further clarified in 1571 AD to define who owned the leased property. Railroad Industry / Industrial Revolution In the UK and US, the railroad companies would only afford the track. Sought financing from private investors for the locomotives and railcars. This was accomplished through equipment trusts. The most well-known finance plan was the Philadelphia Plan. The railroad industry brought the first real growth of leasing to the US.