Off-Lease Property Law and Legal Definition

According to 12 CFR 23.2 [Title 12 -- Banks and Banking; Chapter I -- Comptroller of the Currency, Department of the Treasury; Part 23 – Leasing; Subpart A -- General Provisions], off-lease property means “property that reverts to a national bank's possession or control upon the expiration of a lease or upon the default of the lessee.”