Finance Leasing Act 2000 · As enacted · Part II · Duties of Lessors, LessuEs AND SUPPLIERS
20. Default by lessees
Feedback & supportOfficial English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Where a lessce fails to comply with certain terms and conditions of the finance lease in such circumstances as would amount to a substantia! failure of such lease, the lessor may, subject to the provisions of section 21—
require the lessee to make accelerated payment of the monies due under the lease, where the Icase so provides ; or
lessee
“lessee”, in relation to a fiance lease, means a person who acquires a right to possession and use of an equipment under the lease;
where a lessee fails to make accelerated payments as required under paragraph (a), terminate the finance lease and-—
recover possession of the equipment provided ; and
recover such damages as would place the lessor in a position the lessor would have been if the lessee had complied with the provisions of the finance lease in accordance with its terms and conditions.