§ 120652 Equipment Trust Certificate Requirements

• •Important papers like agreements and leases must be officially signed in front of someone who has the power to witness such signings, like a notary.
• •These papers must be approved by the board and include rules to make sure that any money owed (like for equipment) gets paid from the right funds.
• •The rules in these papers help make sure that payments are made on time and from the correct sources.

A company wants to lease a new copy machine.

The lease agreement must be signed in front of a notary to make it official. The company’s board must also approve the lease, and the agreement must include rules about how and when the lease payments will be made, ensuring they come from the company’s correct bank account.