of June 29, 2020 No. ZR-316
About modification of the Civil code of the Republic of Armenia
Accepted by National Assembly of the Republic of Armenia on June 18, 2020
Article 1. Regarding the 4th Article 299 of the Civil code of the Republic of Armenia of May 5, 1998 (further - the Code) to replace number "678" with number "682".
Article 2. To recognize part 3 of article 609 of the Code invalid.
Article 3. In article 628 of the Code of the word "finance lease" to replace with the word "leasing".
Article 4. To state paragraph 6 of Chapter 35 of the Code in the following edition:
"§6. Leasing
Article 677. Leasing
1. Under the agreement of leasing the lessor shall acquire the property specified by the leasing recipient by the property right at the seller determined by the leasing recipient and transfer for a fee to temporary ownership or use of the leasing recipient. In that case the lessor does not bear responsibility for the choice of subject of leasing and the seller.
2. The agreement of leasing can provide that the choice of the seller and acquired property is performed by the lessor.
3. The agreement of leasing can provide that the property provided in leasing after the termination of term of leasing or before its termination carries over the leasing recipient on condition of payment by the last of the price provided by the agreement.
4. The lessor in case of property acquisition for the leasing recipient in writing notifies the seller that the property is intended for provision in leasing to certain person.
5. Kinds of leasing are returnable leasing, secondary leasing.
6. Transactions on leasing can perform the banks or the specialized organizations which got permission (license) in the procedure established by the law.
Article 678. Responsibility of the seller and lessor
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