Applicable law in financial leasing agreements in the aviation sector

Aviation, although consisting of many different elements, is basically a sector with commercial and military aspects. Besides, the aviation is an area involving foundation of relationships with very high values. In light of current developments, financial leasing has become increasingly important in aviation. The financing of aircraft and their components which value up to millions of dollars, is usually carried out through complex financial leasing transactions between lessors and lessees and sometimes third parties of different countries which might at some point bring along the issue of which laws shall apply to a dispute arising out of such international transactions. This study will examine how the applicable law for financial leasing contracts in aviation is determined from the perspective of Turkish laws, international regulations to which Türkiye is a party and the doctrine.