(a) 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.
(b) A promise that has become irrevocable and independent under (a) of this section
(1) is effective and enforceable between the parties, and by or against the third parties including assignees of the parties; and
(2) is not subject to cancellation, termination, modification, repudiation, excuse, or substitution without the consent of the party to whom the promise runs.
(c) This section does not affect the validity, under another law, of a covenant in a lease contract making the lessee's promises irrevocable and independent upon the lessee's acceptance of the goods.
Section: Previous 45.12.401 45.12.402 45.12.403 45.12.404 45.12.405 45.12.406 45.12.407Last modified: November 15, 2016