lessee


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Related to lessee: lessor

Lessee

One who rents real property or Personal Property from another.

A lessee of land is a tenant.

Cross-references

Landlord and Tenant.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

lessee

n. the person renting property under a written lease from the owner (lessor). He/she/it is the tenant and the lessor is the landlord. (See: lease, lessor, tenant, landlord, landlord and tenant)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

lessee

a person to whom a LEASE is granted; a tenant under a LEASE.
Collins Dictionary of Law © W.J. Stewart, 2006

LESSEE. He to whom a lease is made. The subject will be considered by taking a view, 1. Of his rights. 2. Of his duties.
     2.-1. He has a right to enjoy the premises leased for the term mentioned in the lease, and to use them for the purpose agreed upon. He may, unless, restrained by the covenants in the lease, either assign it, or underlet the premises. 1 Cruise, Dig. 174. By an assignment of the lease is meant the transfer of all the tenant's interest in the estate to another person; on the contrary, an underletting is but a partial transfer of the property leased, the lessee retaining a reversion to himself.
     3.-2. The duties of the lessee are numerous. First, he is bound to fulfill all express covenants he has entered into in relation to the premises leased; and, secondly, he is required to fulfill all implied covenants, which the relation of lessee imposes upon him towards the lessor. For example, he is bound to put the premises to no other use than that for which it was hired; when a farm is let to him for common farming purposes, he cannot open a mine and dig ore which may happen to be in the ground; but if the mine has been opened, it is presumed both parties intended it should be used, unless the lessee were expressly restrained; 1 Cruise, Dig. 132. He is required to use the property in a tenant-like and proper manner; to take reasonable care of it and to restore it at the end of his term, subject only to the deterioration produced by ordinary wear and the reasonable use for which it was demised. 12 M. & W. 827. Although he is not bound, in the absence of an express covenant, to rebuild in case of destruction by fire or other accident, yet he must keep the house in a habitable state if he received it in good order. See Repairs. The lessee is required to restore the property to the lessor at the end of the term.
     4. The lessee remains chargeable, after an assignment of his term, as before, unless the lessor has accepted the assignee; and even then he continues liable in covenant on an express covenant, as for repairs, or to pay rent; 2 Keb. 640; but not for the performance of an implied one, or, as it is usually termed, a covenant in law. By the acceptance, he is discharged from debt for arrears of future rent. Cro. Jac. 309, 334; Ham. on Parties, 129, 130.
     Vide Estate for years; Lease;, Notice to quit: Tenant for years; Underlease.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
If a lease meets any one of four criteria (see Exhibit 1 on page 20), it qualifies for capital lease treatment and the lessee is required to record and report the underlying assets and related lease obligations on its balance sheet.
From an accounting perspective a finance lease will often appear in the lessor's accounts as a loan owed by the lessee to the lessor, and in the lessee's accounts as an asset and debt due to the lessor for the rental and other payments due.
"Research within our membership has highlighted at least 21 areas where friction can be caused between lessees or where action by lessees can make things run more smoothly for everyone."
In contrast, an operating lease results in neither an asset nor a liability being recognized by the lessee. The lessor retains the long-lived asset on its balance sheet, depreciating that asset as appropriate.
In further analysis of IFRS 16, the classification of leases into operational and finance was dropped, and it is notable that the definition of finance lease is the only one that subsists in the new standard (at least in the perspective of the lessees).
The Law is, in many respects, quite prescriptive as to the components that should be included in a Finance Lease contract and, unless otherwise agreed in the Finance Lease contract, the rights and obligations of the lessor and the lessee. These include:
First, the lessor must first make a written demand for the lessee: (1) to pay or comply with the conditions of the lease; and (2) to vacate the premises.
A lessee files for bankruptcy protection, does not make any payments to the lessor, but is not using the subject equipment, What can the lessor do?
The issue came to the knowledge of the administration and the MC last month when one of the 18 lessees claimed he was the owner of the shop.
Because the trial court found that Kmart's access had been materially impaired, the termination clause in the lease was triggered, and thus UDOT had not taken an existing and protectable property right for which it must compensate the lessee. The court therefore concluded that Kmart's property rights were extinguished under the lease, and the trial court erred in awarding Kmart condemnation damages.
However, possession of the Vehicles would be given to the Lessees on Rental-basis and the Leasses would pay the Rentals as mutually agreed by the Parties.
This classification is determined based on whether the lease agreement transfers substantially all of the risks and rewards of ownership of the underlying asset from the lessors to the lessee.