(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 shall 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. [1989 c.676 §47]
Section: Previous 72A.3100 72A.4010 72A.4020 72A.4030 72A.4040 72A.4050 72A.4060 72A.4070 72A.5010 72A.5020 72A.5030 72A.5040 72A.5050 72A.5060 72A.5070 NextLast modified: August 7, 2008