['Leasing - Motor Carrier']

['Leasing']

10/25/2024

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When does standard trip lease and master lease take effect?

...

When does standard trip lease and master lease take effect?

In both a standard trip lease and master lease situation, the lease begins when the lessee takes possession of the vehicle to be leased, and issues a receipt to the lessor. The lease terminates when the lessee returns possession of the vehicle to the lessor, and the lessor issues a return receipt to the lessee. When the lease is in effect, the lessee has exclusive possession and use of the leased equipment, and assumes complete responsibility for the operation of the equipment.

['Leasing - Motor Carrier']

['Leasing']

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