§12A-2A-407. Irrevocable Promises; Finance Leases.
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/ok/title-12a-uniform-commercial-code/12a-2a-407·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
IRREVOCABLE PROMISES; FINANCE LEASES
(1)In the case of a finance lease that is not a consumer lease the lessee's promises under the lease contract become irrevocable and independent upon the lessee's acceptance of the goods.
(2)A promise that has become irrevocable and independent under subsection
(1)of this section:
(a)is effective and enforceable between the parties, and
by or against third parties including assignees of the
parties, and
(b)is not subject to cancellation, termination,
modification, repudiation, excuse, or substitution
without the consent of the party to whom the promise
runs.
(3)This section does not affect the validity under any other law of a covenant in any lease contract making the lessee's promises irrevocable and independent upon the lessee's acceptance of the goods. Added by Laws 1988, c. 86, § 47, eff. Nov. 1, 1988. Amended by Laws 1991, c. 117, § 11, eff. Jan. 1, 1992.