[Previous] [Next]

§12A-2A-407.


§12A-2A-407.
   
                    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.
   

[Previous] [Next]