NCA Commercial Law Practice Questions - NCA Canadian Commercial Law Examination Exam

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A lessor leases a photocopier to a business for a fixed term of three years. Under Ontario PPSA amendments reflected on the NCA syllabus, when does the PPSA generally apply to a lease?

When it is a lease for a term of more than one year (as defined), bringing the lessor's interest within the Act Only when the lease is for a term of less than thirty days Never; true leases are always excluded from the Ontario PPSA Only when the leased goods are real property fixtures

Correct Answer:

When it is a lease for a term of more than one year (as defined), bringing the lessor's interest within the Act

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