Equity’s ability to relieve against forfeiture of interests in real property is well-established. More uncertain is the jurisdiction to intervene in favour of a lessee of a valuable chattel (for example, an aircraft) who defaults. In the latter case, the authorities draw a distinction between a ‘ﬁnance’ lease, and an ‘operating’ lease. Similar questions can arise with respect to securitised loan obligations. This article examines the general principles, and recent examples in both ﬁelds.