Article 7:84 Dutch Civil Code, Book 7

Paragraph 1

A goods credit agreement is a credit agreement, including a set of contracts forming a commercial unit within the meaning of Article 57(5), relating to the provision by the creditor to the borrower of the enjoyment of a movable thing that is not registered property, provided that the period within which the credit must be repaid is longer than three months after the credit has been made available or the provision of the enjoyment of the thing has commenced.

Paragraph 2

The following, among others, are regarded as a goods credit agreement: the instalment sale, the hire purchase and, further, all contracts having the same purpose as a goods credit agreement, in whatever form or under whatever name they are entered into.

Paragraph 3

For the purposes of this Division, the following definitions apply:

1. instalment sale: the sale of a movable thing that is not registered property, whereby the parties agree that the purchase price is paid in instalments, of which at least one falls due later than three months after the thing sold has been delivered to the buyer;

2. hire purchase: the instalment sale whereby the seller retains ownership of the delivered thing;

3. lease: a lease agreement of a movable thing that is not registered property, if it has the purpose referred to in paragraph 2;

4. revolving goods credit: a goods credit under which the creditor or the supplier must ensure that the enjoyment of things is provided to the borrower at different times, in so far as the outstanding balance does not exceed a specified amount, the credit limit.

5. credit amount: the difference between the total of the cash prices of the things the enjoyment of which is provided to the borrower and the cash payments made by the borrower in that context, on the understanding that, in the case of revolving goods credit, the credit limit is regarded as that difference.