Most asset finance agreements contain an express provision that any equipment added to the asset financed by the lessee automatically belongs to the financier. This reflects the common law doctrine of accession, by which the rights of the original owner of the added equipment are extinguished.
We recently successfully represented Ferrari Financial Services GMBH in roundly defeating a claim by administrators who sought to interfere with Ferrari’s right to possession of a vehicle worth in the region of £7 Million.
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