lessee


Also found in: Dictionary, Thesaurus, Legal, Financial, Wikipedia.
Related to lessee: lessor

lessee

a person to whom a lease is granted; a tenant under a lease

lessee

The person receiving a possessory interest in buildings, property, etc., by lease.
References in periodicals archive ?
5 Are the leased assets of "such a specialised nature that only the lessee can use them without major modifications?"
From the lessee's perspective, leasing is attractive because it is a means of having the use of an important and often expensive asset without the initial or immediate outlay of all the capital expenditure required to acquire that asset.
The words used in clause H "the lessee may even after the determination of lease remove at any time whilst he is in possession of the property leased but not afterwards", indicate that sometime was to be given.
Brett Williams, chairman of the Association of Residential Managing Agents (ARMA), said: "Quite apart from understanding their legal rights and responsibilities of owning a leasehold flat in terms of their landlord, lessees also need to think of their social rights and responsibilities relating to their neighbours.
13, "Accounting for Leases" (see also FASB Accounting Standards Codification Topic 840), leases that transfer substantially all of the benefits and risks of ownership from the lessor to the lessee are classified as capital leases.
According to the web site of IASB, the revision was a 'joint project' undertaken by both the IASB and the US Financial Accounting Standards Board (FASB) with the attempt to 'develop an approach requiring lessees to recognize assets and liabilities for the rights and obligations arising under leases.' As reiterated in an article posted by the Tax and Accounting Center, the new standard focuses more on these rights transferred and obligations incurred rather than on the risks and rewards conveyed by the lease to the business.
customer as owner and bank or finance company as mortgagee), as opposed to a Ijara ownership model (bank or finance company as owner and customer as lessee).
Lessor to proceed against lessee only after demand.
A lessee files for bankruptcy protection, continues to use equipment subject to a lease, but does so without making payments (or without making the full contract-rate payment) to the lessor during the limbo period.
RAHIM YAR KHAN -- The district administration has declared 10 lessees of the Market Committee (MC) in the old grain market defaulters due to non-payment of rent for the last one year.
UDOT argued that Utah should adopt the termination clause rule followed in most other jurisdictions, which states that when a lease agreement contains a termination clause, the lessee is not entitled to a condemnation award in the event of a condemnation because any continuing interest in the leased property--the loss of which would otherwise have entitled the lessee to a condemnation award--has been extinguished under the lease agreement's terms.
Auto Vehicles are leased out to desirous customers by Lessors/ Banks and accordingly an Auto Lease/Finance Agreement, comprising of the terms and conditions of the Contract of Lease/Finance is formally executed in-between the Lessors and Lessees, or the Banks/Financees.