Next Generation Bar Exam Quiz
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A construction company entered into a written agreement labeled 'Equipment Lease' with a finance company for a crane. The construction company agreed to pay $4,000 per month for 60 months, which equaled the crane's purchase price plus interest. At the end of the term, the construction company could buy the crane for $1. The finance company retained title to the crane during the term. After 18 months, the construction company stopped paying, and the finance company sued for the remaining payments. The construction company argued that the agreement was not a true lease but a sale with a security interest.
If the construction company is correct, which body of law governs the finance company's right to recover the remaining payments?
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