§ 2A-407. IRREVOCABLE PROMISES: FINANCE LEASES

127 words·~1 min read·/us/ucc/a2A/s2A-407

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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): -

(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 .