While a financing lease will likely provide a lessor with the right to purchase the equipment at the end of the lease,a mechanic's lien covering the same equipment would entitle the mechanic to retain possession of the property until payment for the repair is received.Failure to pay for the repair altogether will entitle the mechanic to sell the equipment at fair value,satisfy its outstanding account with the proceeds,and to forward any excess balance of funds remaining to the bailor.

Question

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This statement is accurate, as a mechanic's lien provides the right to retain possession and potentially sell the equipment to satisfy outstanding payments for repairs.

While a Financing Lease Will Likely Provide a Lessor with the Right