Leases and Sales : Ne'er or Where Shall the Twain Meet

For centuries, learned scholars and judges have expounded their views of the distinctions between sales and leases. The distinction has resulted in differential treatment of sales and leases in such areas as bankruptcy, tax, remedies on default, and filing requirements. Recently, several prominent scholars have suggested that the sale-lease distinction is meaningless. Professor Ayer has pondered over The Vacuity of the Sale/Lease Distinction, and his article in this issue further develops his thesis that the sale-lease distinction should be abandoned