Arizona Revised Statutes § 47-2a407 Irrevocable Promises; Finance Leases

47-2A407. Irrevocable promises; finance leases

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 subsection A:

1. Is effective and enforceable between the parties, and by or against 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 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.

Section: Previous  47-2a311  47-2a401  47-2a402  47-2a403  47-2a404  47-2a405  47-2a406  47-2a407  47-2a501  47-2a502  47-2a503  47-2a504  47-2a505  47-2a506  47-2a507  Next

Last modified: October 13, 2016