Armenian law to restrict exit of leased vehicles from country

YEREVAN, March 23. /ARKA/. A set of amendments to the Civil Code passed today in the first reading by the Armenian parliament will restrict the exit of leased vehicles from Armenia.

Deputy Justice Minister Grigor Minasyan said the current law does not regulate this issue, which results in various problems, particularly, if a leased vehicle leaves Armenia for a foreign country and does not return the leasing company has no way to return its asset.

Minasyan cited data provided by ACBA Leasing company which says that during the past year 303 leasing contracts were concluded, 4 vehicles left Armenia and did not return and the whereabouts of 10 more are unknown.

The proposed amendments allow leasing companies to restrict the exit of leased vehicles from the country. This clause may be stipulated in the lease contract. If it does not contain such a restriction, the vehicle, as before, can freely cross the Armenian border into another country.

If such a clause is specified, but there is a need to cross the border, with the consent of the leasing company a separate annex to the contract may be attached allowing the vehicle to leave the country -0-.