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 NextLast modified: October 13, 2016