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To: Janice Shell who wrote (24885)	4/21/2000 8:00:00 PM
From: Level Head	Respond to of 26163

In this instance, "encumbered" suggests that the equipment may be owned, but pledged as an asset -- the term may also apply to leased equipment as well, but technically is appropriate only when the lease is being treated as an "installment purchase". So, in answer to the original question about the August affidavit stating that the equipment was leased, the answer is "no" - but the confusion is understandable, and they in fact could all be leased and still fit within the affidavit. It does not make an unequivocal statement as to ownership either way. Level Head