Gratzia Cross Country Skiing Inc Told Power Leasing Inc That

Gratzia Cross Country Skiing Inc told Power Leasing Inc that it wanted to acquire a machine that cuts cross-country ski tracks.Gratzia enters into a lease under which Power Leasing will buy a track-cutting machine and then lease it to Gratzia for three years.The lease payments will pay Power the full amount of the purchase price plus a return of 14 percent per year.At the end of the three years, Gratzia has an option to buy the machine for $1.This transaction is similar in effect to a secured financing.Power should file a financing statement to register its title to the track-cutting machine under the applicable provincial personal property security legislation to protect his interest.